BASSETERRE, St. Kitts – CONSUMERS can expect to pay more for cement products shortly, as the commodity has seen a slight price increase after nearly a year of reductions.
In a post-Cabinet briefing issued earlier today (Jun. 9), Minister of Information Hon. Nigel Carty announced that the new price for a 94-pound sack of cement is $20.13, an increase of EC$0.65 from its previous price.
The rising cost comes almost one year after former Minister of Finance, International Trade, Industry, Commerce and Consumer Affairs Hon. Dr. Timothy Harris announced a “significant reduction” of EC$ 2.17 in the commodity, thus reducing the price of a 94-pound bag from EC$ 25.47 to EC$ 23.30.
A further reduction in the price was announced on January 24 of this year as a measure to stimulate activity during a “very busy” construction period. According to Dr. Harris, the price discount was applied across the board so that every level of construction activity would be able to benefit.
In this week’s post-Cabinet statement, Minister Carty attributed the slight increase in the price of the commodity to an overall increase in costs set by suppliers.
“In January... when it was recognized that the price of cement from overseas suppliers had fallen, Cabinet approved a reduction in the price of cement from $23.30.... At yesterday’s Cabinet meeting, approval was granted for the price of cement to increase by 65 cents to $20.13, given that the price of the commodity, from overseas suppliers had increased slightly,” Carty explained.
The minister reassured consumers that the formula applied in calculating the new price is consistent with that used in all OECS states. However, it has not yet been announced when the new price will take effect.
