The business community in Penang have raised concerns to the Finance Ministry over the 40% price hike in cement.
Real Estate and Housing Developers’ Association Penang chapter chairman Datuk Toh Chin Leong said the increase would affect property prices.
He said they were worried that the price hike could be due to a monopoly by certain companies controlling supply to increase profits.
“This was among our concerns as we do not know why this happened so fast.
“All the while cement prices increased gradually but never up to 40%,” he said at a press conference with Finance Minister Lim Guan Eng at Wisma DAP in Rangoon Road yesterday.
