In view of the increasing cost of raw material and other production expenditure, INSEE Cement announces that the company had to increase its MRP (Maximum Retail Price) by Rs. 30 per bag. The retail price of a bag of cement will be Rs. 960/- with immediate effect. (The price of a ton of cement will be increased by Rs.600/-)
These price increases have been approved by Consumer Affairs Authority (CAA) with effect from 23rd Feb 2018 and will be adopted across INSEE Cement’s product portfolio. The local cement manufacturers and importers of cement had lodged applications for price increases due to increasing costs which the industry had absorbed over the past 5 years.
Jan Kunigk, Executive Vice President / Commercial Director of INSEE Cement explained, “The crude oil prices had doubled over the last two years to US$ 60 per barrel and the coal prices had increased by 30% in 2017 alone. Both these are essential inputs for manufacturing cement locally and import of cement. In addition to the increase of these cost, the country also increased wages by 10% per annum over the last few years due to rising inflation and depreciation of the LKR against US$ by a minimum of -3% every year, all of which have a compounded impact on the company. Therefore, to remain competitive amidst these tough conditions, it was necessary to make this adjustment to partially compensate the cost increase.
“The price revision will enable INSEE Cement to maintain our delivery excellence and technical support to our stakeholders nationwide. As the only fully integrated manufacturer of cement in Sri Lanka, we are committed to provide a continuous supply of cement to individual house builders and to all major infrastructure development projects that are in progress and in the pipeline.
“Our products have the best quality of materials meeting both national and international standards and we continue to invest in research and development to provide you the best solutions for all your construction needs.”
