The BUA group on Friday denied an increase in the price of its cement.
The clarification came as a result of requests from customers as well as distributors who have been calling to find out whether Dangote Cement has also increased its own price by N260 per bag.
In a signed statement released this afternoon, the BUA group insisted that it stands by its earlier decision not to increase cement price which was communicated on April 24, 2021.
The management of BUA stated that, they are aware that Dangote decided to increase the price of its cement by N260 from June 14, 2021.
The management also noted that even though there had been a decline in cement demand due to the commencement of the rainy season, any further increase in price will disrupt, the normalization or stabilization of prices.
The BUA group further stated that they would 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.
The company in a statement 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.”