LAGOS - A Cement giant company, BUA Group has denied increasing price of its cement, insisting that, it has no plan to do so in future.
The cement company, in a statement issued in Lagos on Friday insisted that, it stands by its earlier decision not to increase cement price 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 decline in cement demand due to the 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 its 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."
The group opined that the price increase by Dangote will not disrupt the downward trend of cement price movement.
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