- Last Update 2024-07-02 13:56:00
Contractors raise concerns about cement cost increase
The maximum retail price (MRP) of a bag of cement has increased by more than Rs. 300, according to the National Construction Workers’ Union.
Addressing a press briefing, the union’s Secretary Supun Abeysekara, stressed that the construction industry is negatively impacted by the increase in cement prices at a time when it was starting to undergo development.
Citing the 18% VAT increase starting January 1, Mr. Abeysekara said it is unjust that cement prices have increased by Rs. 320 per bag once more.
He further noted that manufacturers have imposed a tax of over three percent on cement, despite the proposed 3% VAT.
Cement manufacturers announced a price increase of Rs. 150-Rs 350 for a 50-kg bag of cement yesterday (5).
Cement is therefore priced between Rs. 2,300 to Rs. 2400 per bag.
Meanwhile, other building material prices will also experience a rise in line with the VAT, Mr. Abeysekara added.
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