Economy
BUA Cement refutes claims of increase in ex-factory price of cement
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.
Economy
News Alert: Again, NNPCL increases fuel pump price to N1,030 per litre in Abuja, N998 per litre in Lagos
— terminates exclusive purchase agreement with Dangote refinery
The Nigerian National Petroleum Company Limited (NNPCL) has increased the pump price of Premium Motor Spirit (PMS) to N1,030 per litre at its various outlets in Abuja on Wednesday.
This price hike follows the company’s decision to terminate its exclusive purchase agreement with Dangote Refinery.
On Monday, October 7th, 2024,NNPC ended the agreement, allowing other marketers to directly purchase petrol from the refinery.
Consequently the national oil company is no longer the sole off-taker while marketers are now free to negotiate prices directly with Dangote Refinery.
This shift aligns with the current practices of fully deregulated products, enabling refineries to sell to marketers on a “willing buyer, willing seller” basis.
By implication and with the N1030 pump price of NNPCL, pump prices of the product by the major and independent marketers are now expected to be over the NNPCL pump price.
Economy
NNPC sells Dangote September fuel delivery at N950.22 per litre in Lagos
“The NNPC Ltd can confirm that it is paying Dangote Refinery in USD for September 2024 PMS offtake, as Naira transactions will only commence on October 1st, 2024.
“The NNPC Ltd assures that if the quoted pricing is disputed, it will be grateful for any discount from the Dangote Refinery, which will be passed on 100% to the general public.
“Attached to this statement are the estimated pump prices of PMS (obtained from the Dangote Refinery) across NNPC Retail Stations in the country, based on September 2024 pricing.
Economy
Rat Race: Dangote refinery drags NNPCL over purported sale of fuel at N898 per litre
“It should also be noted that we sold the products to NNPCL in dollars with a lot of savings against what they are currently importing.
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