Nepal cement manufacturers ordered to decrease prices

The government of Nepal has directed cement companies to decrease the price of cement within three days, reports myRepública. This follows a price hike of 10-16 per cent in some regions, while factory input cost has only increased 7-9 per cent.

"This is the case of the artificial price hike. That is why we have asked cement manufacturers to roll back the price hike decision within three days," said Laxman Shrestha, director, Department of Supply Management and Protection of Consumers Interest. 

"We have issued a direction in the name of Nepal Cement Manufacturers' Association, asking them to circulate the decision to all their members and implement the decision within three days," he said.

Mr Shrestha stated that the government will charge cement manufacturers with creating a market cartel if the price is not brought down within the time limit.