Georgetown: Trinidad Cement Limited Guyana Inc (TGI) has announced a $174 (8.7 per cent) increase in the price for the ex-terminal price of Portland Pozzolan Cement, which will take effect from today.
The company said it will be implementing this current adjustment in accordance with its phased approach as was previously indicated. A sack of the cement was being sold at $2000.
“Our last price adjustment was on May 1, 2013,” TGI said. According to the company, this current adjustment is a consequence of increases in operating cost, noting that over the last year, there have been increases in freight rates, the cost of spares, services and raw materials.
“Upward movement in foreign exchange rates has also had a significant negative impact. The company has been absorbing these rising costs, but now finds itself in the position where it cannot continue so to do.”
According to TGI, in recognising that cement is a major element of Guyana’s economic growth, the projected increase has been kept to a minimum, “and we are pleased to state that our price still remains at the lower end of the tier when compared in a global context.”
The company said independent studies by Quantity Surveyors have confirmed that the total cost of cement in a standard dwelling house is no more than five to seven per cent of overall construction costs. Also in strong support of Guyana’s developmental goals, TGI stated that it will maintain its offer of a 20 per cent discount for first time homeowners under the Government’s low-income earners housing initiative. The company has been supporting this programme since 2010.
“TGI remains committed to providing a superior quality product at a very competitive price and to the delivery of exceptional service and technical expertise. The company takes this opportunity to express its sincere gratitude to all loyal customers for their continued support and looks forward to further strengthening and deepening its stakeholder relationships.”
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