THE NATION
Cement manufacturers have said a surge in their operating costs was responsible for the sudden increase in the prices of the commodity around the country.
They have however agreed to bring down the price of the product from between N9,000 to N15,000 to between N7,000 and N8,000 per 50kg depending on the location nationwide.
This development emerged after a meeting by the Minister of Works, David Umahi attended by his Industry, Trade and Investment counterpart, Doris Uzoka-Anite on Monday in Abuja with representatives of Dangote Cement Plc, BUA Cement Plc and Lafarge Africa Plc.
After almost three hours of discussion, the Works Minister read the communique of the meeting where the cement manufacturers explained the reasons why the price could not be lower than N7,000 for the time being and why it went up astronomically in the first place.
The manufacturers noted that the challenges of the high cost of gas, import duties, bad road network and the prevailing high rate of foreign exchange against the naira are militating against an instant drop in the price of the commodity.
Kabir Rabiu, the Executive Director of BUA said the meeting was extensive but the manufacturers would abide by the agreement.
According to him, the manufacturers were helpless over the issue of the surging prices.
He said: “First our cost component of energy went from 39 percent to 60 percent because of gas
“The price of gas last year was 415, then to N715, today we are paying more than N1,500. All these issues were discussed and we gave our commitment.
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