Trinidad & Tobago-based cement manufacturer Trinidad Cement Limited (TCL) will not increase its prices in the short-term, the firm’s general manager Satnarine Bachew was quoted as saying by paper The Trinidad Guardian.
The executive said that despite the high cost of raw materials and soaring fuels prices, the company was trying to maintain the current price of its products.
"With oil prices at US$140 per barrel, we are struggling to keep the price of cement at its present value," he said.
"Freight prices have increased significantly and raw materials like gypsum and clinker, which we import, are more expensive. But we are trying to hold prices at least until the end of this year," Bachew said.
Rising labor and utility costs have also weighed on TCL’s production, the information said.
Bachew said a drastic escalation in oil prices was the only factor that could change TCL’s policy.
"Fuel is key to this product. It depends on where that goes," he was quoted as saying.
However, these factors have not yet affected the company’s annual production capacity of 1.2Mt, according to the information.