Acting Commerce Minister Irfaan Ali is advising consumers not the pay the increase in what he has described as extremely inflated prices for cement in Guyana.
According to the minister a price of GYD1395 (US$6.90) has been agreed upon for the retailing of this commodity and any distributor selling above this will be prosecuted.
Speaking at a press conference held in light of the recent increase in cement prices on Wednesday, Irfaan Ali said there has been no increase in cement prices from suppliers since January this year and the current increase will not be supported.
Minister Ali met with the main distributors for this commodity in Guyana, Toolsie Persuad Limited and National Hardware, who have agreed to retail the product at GYD1395 VAT exclusive.
“There has been no increases from the suppliers end in the prices for cement, not withstanding this we see a number of distributors retailing cement at increase prices and some of them at extremely inflated prices…. the prices range from GYD1800 to GYD2300,” said Mr Ali.
He added that Guyana is experiencing a construction boom but maintained that there continues to be no lack in supply and the increase is unwarranted. The minister added that distributors found selling at extremely inflated prices will be prosecuted under the Competition and Fair Trading Act 2006.
Representatives of the suppliers, which include TCL and Windies Cement, said they are ready and willing to increase their supply to Guyana if any shortage exists.