Nigerian price hike attributed to higher LPFO costs

Nigerian price hike attributed to higher LPFO costs
Published: 18 August 2011

Cement Manufacturers Association of Nigeria said on Wednesday in Lagos that the current high cost of cement is due to an increase in the cost of Low Pour Fuel Oil (LPFO).

James Salako, secretary of the association, told reporters that the price of the oil had increased from N40 to N68 per litre.

Salako said the distributors of cement took advantage of this to increase the price, knowing full well that manufacturers would not cope with the price differential for a long period.