The BUA Group, at the weekend denied speculations that it planned to increase the price of it’s cement.
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 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 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.
It said “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.”
BUA also hope that the price increase by Dangote will not disrupt the downward trend of cement price movement.