Cement Retailers Told to Temper Price Increases
The Department of Trade and Industry (DTI) has warned local cement retailers to moderate their price increases and refrain from cashing in on the recently approved power rate hike for the benefit of consumers.
At the same time, the DTI has warned against the sale of adulterated cement or "buriki".
Secretary Juan B. Santos said that starting this week, cement prices gained merely by two percent, or a maximum average of three pesos per bag. The increase in power rates has affected prices, as power costs account for a major share of the production cost of cement.
Santos quoted cement industry officials they are constrained to raise their prices because the products limited shelf life and that existing inventories at old prices may not be sufficient.
"In response, we have directed all DTI offices nationwide to intensify its price monitoring and to promptly respond to any extreme and unreasonable movement in the retail price of cement," he said.
Santos also appealed to the consuming public to be vigilant and to immediately report to DTI unscrupulous retailers that may take undue advantage of the situation.
DTIs price monitoring showed that cement prices have remained stable for the past three months ranging from R150 to R165 per bag. …