Business & Economy
NO Further Increase In Cement Price: BUA Cement Insists
BUA Cement, Nigeria’s second-largest cement maker, has again assured Nigerians that it won’t further increase the price of cement. This is the second time BUA is reassuring its customers in the past two months.
CityNews Nigeria confirmed from a statement it shared on its Instagram page on Friday.
What BUA Cement is saying about price increase
The statement from BUA Cement read:
“We have been inundated with request from our distributors seeking clarifications as to whether BUA also intends to increase the price of its cement. This is in view of a purported 10% price increase by another major cement manufacturer.
While we are now aware that the said producer has increased the price of its cement (ex-factory) effective Monday, June 14, 2021, we however wish to state that BUA is not a part of this increase and does not seek to increase the price of its cement (ex-factory) in the foreseeable future.”
What you should know
In April 2021, BUA debunked claims that it plans to increase the price of cement. This came after reports that the cost of building materials has risen by over 60% in one year.
In the earlier statement by BUA, the company said of cement price increase:
“We are very much aware that there is a huge difference in the ex-factory prices of cement and the retail market prices of cement, which is mostly because of retailers taking advantage of increased cement demand to make maximum profits.
Timing is not right for any increase in the price of major commodities. There are no further arbitrary increases in the retail price of cement.”
