Malaysian cement producers agree not to raise prices
Malaysia: Cement producers have agreed not to raise their prices after a meeting with the Domestic Trade and Consumer Affairs Ministry, despite mounting raw material costs and negative currency exchange issues. Minister Saifuddin Nasution Ismail said that the producers were also asked to ‘discuss’ any future prices rises with the ministry first, according to the Malaysian National News Agency (BERNAMA). He added that cement is a controlled item and action under the Control Of Supplies Act could be taken against producers found to increase the price without the government’s approval. The government is also working on a target-based petrol subsidy, although further work is required on this.
Earlier in June 2019 the Cement and Concrete Association of Malaysia has defended a reported 40% rise in the price of cement due to unsustainable mounting input costs. It said that over the last few years the cement industry had suffered from increased costs for electricity, packing materials, imported fuels, raw materials and equipment.