The construction industry in Grenada will be hit by an almost 30 per cent increase in the price of cement as soon as the next shipment arrives.
Last week it was reported that the price of a bag of cement from Trinidad Cement Limited (TCL) will increase by just over four dollars.
People in the process of building are faced with an additional retail cost of over five dollars more on a 42.5kg bag of cement. One supply firm has announced an increase of $5.11 which takes the cost to $22.50, up from the old price of $17.39.
The price adjustment was announced by TCL for cement supplied for the regional export market.
TCL indicated that the price adjustment has become necessary due to the rising cost of inputs into the manufacturing process, in particular fuel cost and the cost of procuring Klinca a product which accounts for 95 percent of the cement content.
The TCL release says that the price adjustment, which took effect from May 1, is being implemented to ensure that the group is able to maintain an adequate supply of product to regional customers.
Grenada continues to experience an inadequate supply of cement to meet the demand in the construction industry. TCL is the main supplier of cement to Grenada.