Cement manufacturers, who sent the notice on price increase to construction companies last Sunday, decided to reverse the decision on the 40% price hike.
Domestic Trade and Consumer Affairs Minister Datuk Seri Saifuddin Nasution Ismail told the media that the decision was reached at a meeting on Tuesday, in which cement makers were reminded to duly discuss with the government any future price hike since cement is a price-controlled item.
“They (cement makers) stated several grounds to justify an increase in cement price due to costlier imported materials used in making the cement because of the weak ringgit.
Media Title: The Edge Financial Daily
Date: 20 June 2019