Following calls from customers seeking clarification on a purported price increase of N300 per bag, .
BUA Cement has inform the public, its distributors, and stakeholders that it has not and does not intend to increase price of cement now or in the near future, barring any material, unforeseen circumstances.
In a statement at the weekend, the company said whilst it was aware that demand for cement is high amid current insufficient supply levels to meet increased demand, it does not believe the solution lies in increasing ex-factory prices of cement – especially at this period of economic hardship in the country.
“It is our strong conviction that any increase in prices of major commodities at a time like this is not right – whilst Nigerians are still trying to recover from the economic consequences brought about by the COVID-19 pandemic – especially for a product for which all raw materials are locally sourced.
BUA Cement is very much aware of the fact 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. Thus, any increase in ex-factory prices will be inadvertently passed down to the consumers.
We stand by our previous statements that the timing is not right for any increase in the price of major commodities whilst we work towards ramping up our production capacity to ensure that commodities like cement remain accessible and affordable for our consumers.”
BUA Cement further stated that it is not a part of the purported increase in cement prices and enjoined aits distributors to ensure there are no further arbitrary increases or excessive profit taking in the retail price of cement.