{"id":947,"date":"2021-04-26T06:31:43","date_gmt":"2021-04-26T05:31:43","guid":{"rendered":"https:\/\/mydailybells.com.ng\/businessbells\/?p=947"},"modified":"2021-04-26T06:31:43","modified_gmt":"2021-04-26T05:31:43","slug":"no-plan-to-increase-cement-price-bua-assures-stakeholders","status":"publish","type":"post","link":"https:\/\/mydailybells.com.ng\/businessbells\/no-plan-to-increase-cement-price-bua-assures-stakeholders\/","title":{"rendered":"No Plan To Increase Cement Price, BUA Assures Stakeholders"},"content":{"rendered":"<p><strong><span style=\"font-size: 14pt;\">BUA Cement Plc has ruled out an increase in the ex-factory price of cement.<\/span><\/strong><\/p>\n<p>&nbsp;<\/p>\n<p><span style=\"font-size: 14pt;\">Ex-factory price means the selling price of a product from the manufacturer\u2019s factory excluding shipping, handling, taxes and sundry costs.<\/span><\/p>\n<p>&nbsp;<\/p>\n<p><span style=\"font-size: 14pt;\">In a statement on Sunday, the company said it does not intend to increase its price of cement now or in the near future, barring any material and unforeseen circumstances.<\/span><\/p>\n<p>&nbsp;<\/p>\n<p><span style=\"font-size: 14pt;\">The clarification, BUA Cement noted, followed inquiries from stakeholders as to whether it is part of a purported price increase of N300 per bag.<\/span><\/p>\n<p>&nbsp;<\/p>\n<p><span style=\"font-size: 14pt;\">\u201cWhilst we are aware that demand for cement is high with current supply levels not sufficient to meet this increased demand, we do not believe the solution lies in an increase in ex-factory prices of cement \u2013 especially not at this period,\u201d the statement said.<\/span><\/p>\n<p>&nbsp;<\/p>\n<p><span style=\"font-size: 14pt;\">\u201cIt is our strong conviction that any increase in prices of major commodities at a time like this is not right \u2013 whilst Nigerians are still trying to recover from the economic consequences brought about by the covid-19 pandemic \u2013 especially for a product for which all raw materials are locally sourced.<\/span><\/p>\n<p>&nbsp;<\/p>\n<p><span style=\"font-size: 14pt;\">The company said it is aware that there is a huge difference between the ex-factory and retail prices of cement.<\/span><\/p>\n<p>&nbsp;<\/p>\n<p><span style=\"font-size: 14pt;\">It attributed the price disparity to retailers taking advantage of increased cement demand to make maximum profits.<\/span><\/p>\n<p>&nbsp;<\/p>\n<p><span style=\"font-size: 14pt;\">\u201cWe 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,\u201d the company added.<\/span><\/p>\n<p>&nbsp;<\/p>\n<p><span style=\"font-size: 14pt;\">\u201cBUA Cement therefore wishes to restate that it is not a part of the purported increase in cement prices and we once again enjoin and appeal to our distributors, who have been advised, to ensure there are no further arbitrary increases or excessive profit taking in the retail price of cement.\u201d<\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>BUA Cement Plc has ruled out an increase in the ex-factory price of cement. &nbsp; Ex-factory price means the selling price of a product from the manufacturer\u2019s factory excluding shipping, handling, taxes and sundry costs. &nbsp; In a statement on Sunday, the company said it does not intend to increase its price of cement now [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":948,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_jetpack_newsletter_access":"","_jetpack_dont_email_post_to_subs":false,"_jetpack_newsletter_tier_id":0,"_jetpack_memberships_contains_paywalled_content":false,"_jetpack_feature_clip_id":0,"_jetpack_memberships_contains_paid_content":false,"footnotes":"","jetpack_post_was_ever_published":false},"categories":[15],"tags":[568,567,517],"class_list":["post-947","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-business-news","tag-bua","tag-cement-price","tag-no-increase"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v28.5 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>No Plan To Increase Cement Price, BUA Assures Stakeholders &#8212; Business Bells<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, 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