BUA Cement Maintains Price, Shuns Cartel’s Directive
The BUA group has denied increasing the price of its cement as cartel in the industry raises price again.
A statement issued on Friday by BUA Cement management said the clarification for increment of other brand’s price.
According to them, the clarification became as a result of requests from customers as well as distributors who have been calling to find out whether, like DANGOTE Cement BUA had also increased its own price by 260 Naira.
The BUA group insisted 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 it’s 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 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 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