Categories: Business & Brands

BUA Denies Increase In Price Of Its Cement, Frowns At Cartel-Like Operation To Determine Product Prices

The BUA Group has denied an increase in the price of its cement.

The clarification came as a result of requests from customers as well as distributors who have been calling to find out whether DANGOTE Cement BUA had also increased its own price by 260 Naira.

In a signed statement released this afternoon, the BUA group insists that it stands by its earlier decision not to increase cement price which was communicated on April 24, 2021.

According to the management of BUA, they are aware that Dangote decided to increase the price of its cement by 260 NAIRA from June 14, 2021. The management also noted that even though there had been a decline in cement demand due to the commencement of the rainy season, any further increase in price will disrupt, the normalization or stabilization of prices.

The BUA 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

See statement below:

Angela Davies

Recent Posts

Ekiti Governor Honours Primate Ayodele’s Late Father, Names Street After Him

The governor of Ekiti state, Biodun Oyebanji has honoured Primate Elijah Ayodele’s late father by…

12 hours ago

Star Life: Saras & Kumud Teasers November 2024

Star Life's new series, Saras & Kumud teasers November 2024, can be accessed below.  …

22 hours ago

Polaris Bank Clinches “Best Mobile App” Award At Digital Jurist Awards 2024

Polaris Bank clinched the "Best Mobile App" award at the Digital Jurist Awards 2024.  …

22 hours ago

Access Holdings’ Total Assets Grows to ₦41.1 Trillion in Q3

Access Holdings’ total assets grew to ₦41.1 trillion in Q3.   Glamtush reports that Access…

22 hours ago

Nigeria Ranks Fifth Globally In Daily Social Media Usage (FULL LIST)

Nigeria has been ranked fifth globally in daily social media usage.   Glamtush reports that…

23 hours ago

Saras & Kumud Premieres On Star Life (Synopsis, Full Story, Casts)

Saraswatichandra, retitled Saras & Kumud, is Star Life’s upcoming series, which is a shift from…

23 hours ago