The BUA group has stated that it’s has no intention of increasing the prices of its cement for the foreseeable future.
The company stated this while giving clarification to its customers and distributors, who wanted to know if the company had increased its prices, like Dangote Cement did.
It would be recalled that Dangote Cement had earlier in the week increased the price of its product by 260 Naira.
BUA group in a statement released on Friday stated that the clarification came as a result of requests from its customers as well as distributors who have been calling them to find out whether it increased prices like Dangote Cement.
The company insists that it stands by its earlier decision not to increase cement price which was communicated on April 24, 2021.
According to the statement, “we are aware that Dangote decided to increase the price of its cement by N260 from June 14, 2021.
“The management also noted that even though there had been decline in cement demand due to commencement of rainy season, any further increase in price will disrupt the normalisation or stabilisation 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 BUA’s 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.
