Cement Manufacturers List Conditions To Reduce Rising Price

Cement manufacturers have listed conditions to slash the rising price.

Glamtush reports that cement manufacturers have agreed to sell a 50kg bag of cement at a retail price between N7,000 and N8,000, depending on location nationwide.

However, the manufacturers stated that the price drop from the current market price would depend on the fulfilment of certain government interventions to ameliorate critical challenges faced in the industry.

The Minister of Works, David Umahi disclosed this after a meeting with leading manufacturers on Monday in Abuja, according to the Punch..

The meeting was against the backdrop of the ballooning price of the commodity to approximately N13,000 in several retail stores in the Federal Capital Territory, and Enugu, indicating the impact of inflation within the country.

Findings by Punch Online indicated that the price hike was attributed to the increase in wholesalers reselling to retailers and the escalating inflation rates.

But at the meeting directed by President Bola Tinubu, Umahi lamented the current rate stating that it was abnormal and detrimental to economic prosperity sought after by the current administration.

Reading the communique, the minister said certain issues including smuggling, bad roads, high energy costs, and the Forex crisis caused the high prices but stressed that manufacturers have expressed their readiness to be willing to bring down the prices in the future.