Bua Denies Increase In The Price Of Its Cement, Frowns At Cartel Like Operation To Determine Product Prices.
Global News Reports That The BUA Group has denied an increase in the price of its cement. The clarification came as a result of requests from customers as well as distributors who have been calling to find out whether DANGOTE Cement BUA had also increased its own price by 260 Naira.
In a signed statement released this afternoon, the group insists that it stands by its earlier decision not to increase cement price which was communicated on April 24, 2021.
According to the management, they are aware that Dangote decided to increase the price of its cement by 260 NAIRA from June 14, 2021. The management also noted that even though there had been a decline in cement demand due to the commencement of the rainy season, any further price increase will disrupt, the normalization or stabilization of prices.
The group further stated that they will always be willing to play their role as a responsible corporate entity rather than associate with others to form a cartel to fix prices which will ultimately not be in the best interest of Nigerians.
In their words, ‘ The timing is not right for any increase on the cement part and we do not have any justifiable business reason to increase our prices any time soon.
They also hope that the price increase by Dangote will not disrupt the downward trend of cement price movement
See statement:
