The Minister for Trade and Industry, K.T. Hammond, has clarified that the government has no plans to impose a cap on cement prices in the near future. This clarification follows the enactment of a controversial Legislative Instrument (LI) on cement pricing, which took effect after the required 21-day maturity period.
Addressing the concerns around cement pricing, the Trade Minister emphasized that the new regulations are designed to promote fairness in the market. “I am clear beyond argument that there is a certain amount of unfairness in the pricing of cement in the country, and I am prepared to make sure that there is some sort of sanity. The document [LI] as we speak is in force,” K.T. Hammond stated.
He further explained the intent behind the legislative instrument, noting, “I have got a legislative instrument and it is essentially this: the last argument was that we were going to cap the price [of cement] at which they were going to sell. We indicated that that wasn’t it.”
Under the newly implemented LI, a committee will be established to review the pricing strategies of cement manufacturers. “We are going to put in place, by virtue of the LI which has come into force, a committee, and the committee is going to ask all the manufacturing companies to put before them the basis for their pricing,” the Minister added.
Source:dailymailgh.com