BUA speaks on increase in price of cement. The group has denied the increase in price of it’s cement.
Onyxnews Nigeria understands that the clarification came as a result of requests from customers as well as distributors who have been calling to find out if BUA had also increased its own price by 260 Naira, just like Dangote Cement.
In a signed statement sent to Onyxnews Nigeria, the BUA group insists that it stands by its earlier decision not to increase the price of cement which was disclosed on 24 April 2021.
According to the management of BUA, they are aware that Dangote decided to increase the price of it’s cement by 260 NAIRA 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 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.
According to BUA group, “The timing is not right for any increase on BUA’s part and we do not have any justifiable business reason to increase to increase our prices any time soon.
“They also hope that the price increased by Dangote will not disrupt the downward trend of cement price movement.