ICST concerned over increase in cement bag prices

Islamabad: Leader of the business community and founder of Islamabad Chamber for Small Traders (ICST) Shahid Rasheed Butt on Wednesday criticising said that cement manufacturers have increased prices up to Rs55 per bag that should be noticed by the authorities.

The increase in price amid reduced coal price, curtailed interest rates and low demand will hurt the construction package recently announced by the Prime Minister Imran Khan to boost the economic activities, he said.

Shahid Rasheed Butt said that the move would increase the cost of doing business for the construction sector that can hit projects, jobs and fifty industries linked to this labour-intensive industry.

He said that cement companies were already earning very good profits as compared to their Indian and Chinese counterparts, therefore the recent increase cannot be justified under present circumstances.

The government should take note of the situation, discourage cartel in the cement sector, allow imports by reducing regulatory duty, and encourage new groups to invest in this sector, he demanded.