Jamaica’s Industry and Commerce Minister Karl Samuda has instructed the Fair Trading Commission (FTC) to conduct an investigation into the cost structure at the Caribbean Cement Company.
The directive comes in the wake of the 3.2 per cent increase in the cost of cement which was announced yesterday.
Mr. Samuda says he’s both surprised and disappointed at the announcement in light of the decline in interest rates and the strengthening of the Jamaican dollar.
He says he’s also disappointed at the reasons given by the company for the increase. Carib Cement has attributed its increased costs to changes in market conditions over the past several months, which it says include a significant reduction in overall market demand and subsequently reduced revenues.