The Management of BUA Cement Plc on Sunday debunked claims of a purported increase in the price of its cement by N300 per bag.
The management, in a statement obtained from its verified Twitter handle, said the company had no plans to increase the prices of its cement now or in the near future.
According to the statement, the company, noting the increased demand for cement, stated that the solution was not an increase of ex-factory price at this period.
The company reiterated its stand that the timing was not right for any increase in the price of major commodities.
It stated that work was ongoing towards ramping up production capacity to ensure that commodities like cement remain accessible and affordable for our consumers.
“BUA Cement Plc, in the past two days, has been inundated with calls seeking clarification as to whether it is part of a purported price increase of N300 per bag.
“BUA Cement wishes to inform the public, its distributors, and stakeholders that it has not and does not intend to increase its price of cement now or in the near future, barring any material unforeseen circumstances.
“BUA Cement is very much aware of the fact that there is a huge difference in the ex-factory prices of cement and the retail market prices of cement, which is mostly because of retailers taking advantage of increased cement demand to make maximum profits.
“Whilst we are aware that demand for cement is high with current supply levels not sufficient to meet this increased demand, we do not believe the solution lies in an increase in ex-factory price of cement, especially not at this period.
“It is our strong conviction that any increase in prices of major commodities at a time like this is not right whilst Nigerians are still trying to recover from the economic consequences brought about by the COVID-19 pandemic.
“BUA Cement, therefore, wishes to restate that it is not a part of the purported increase in cement prices and we once again enjoin and appeal to our distributors, who have been advised to ensure there are no further arbitrary increases or excessive profit-taking in the retail price of cement,” the statement read.
FG may merge NIWA with NPA, stop funding recurrent expenditure of MAN, ORON in a public service reform
Recommendations were made for 263 of the statutory agencies to collapse into 161, a merger of 52 agencies, and the outright expungement of 38 redundant agencies while returning 14 as sub-units In ministries.
Privatise Nigerian Communication Satellite.
The Nigerian Institute of Social and Economic Research is to be funded by a proposed National Research Development Fund.
National Board for Technical Education and the National Commission for Colleges of Education to morph into the Tertiary Education Commission.
The Federal Ministry of Environment and the Department of Petroleum Resources take over the National Oil Spill Detection and Response Agency.
Cut the Directorate of Technical Cooperation in Africa.
Merger the National Council of Arts and Culture with the National Troupe of Nigeria and the National Theatre.
Close down the duplicating National Institute for Cultural Orientation.
Aftermath of subsidy removal: Nigerians to buy Petrol for N462 per litre. — NNPC
The Eyewitness reporter
The NNPC spokesman, in a statement, also defended the consumption rate disclosed by the NNPC, after the Customs Comptroller-General, Col. Hameed Ali (retd.) faulted the oil company’s claim.
” Daily Evacuation (Depot loadouts) records of the NMDPRA do carry daily oscillation ranging from as low as 4 million litres to as high as 100 million litres per day” he declared.
On petrol and its cost burden which the NNPC now bears, Mohammed said after oil marketing companies (OMCs) withdrew from PMS import in 2017, NNPC has been the sole supplier of petrol into the country.
In the statement, Muhammad explained that “rising crude oil prices and PMS supply costs above PPPRA (now NMDPRA) cap had forced oil marketing companies’ (OMCs) withdrawal from PMS import since the fourth quarter of 2017.
“In the light of these challenges, NNPC has remained the supplier of last resort and continues to transparently report the monthly PMS cost under-recoveries to the relevant authorities.
“NNPC limited also notes the average Q2, 2022 international market determined landing cost was US$1,283/MT and the approved marketing and distribution cost of A46/litre.
” This will continuously be adjusted by market and demand realities.
CBN rescues ailing airlines with $265 million to settle outstanding ticket sales
The Central Bank of Nigeria (CBN) has intervened in the brewing crisis in the aviation sector when on Friday, it released the sum of $265 million to airlines operating in the country, to settle outstanding ticket sales.
A breakdown of the figure indicates that the sum of $230 million was released as a special Forex intervention while another sum of $35 million was released through the Retail SMIS auction.
Confirming the release, the Director, Corporate Communications Department at the CBN, Mr. Osita Nwanisobi said the Governor, Godwin Emefiele and his team were concerned about the development and what it portends for the sector and travelers as well as the country in the comity of nations.
Mr. Nwanisobi reiterated that the Bank was not against any company repatriating its funds from the country, adding that what the Bank stood for was an orderly exit for those that might be interested in doing so.
With Friday’s release, it is expected that operators and travelers as well will heave huge sighs of relief, as some airlines had threatened to withdraw their services in the face suffocating business environment.
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