BUA Cement says no price increase

The management of BUA Cement Plc has said there is no increase in the price of its cement.

A statement Sunday by Sunday Ogieva of the company’s Corporate Communication Department said the firm was in receipt of various enquiries on the increase of N300 per bag of BUA cement.

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“Whilst 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 – especially not at this period.

“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 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.”