Trinidad Cement Ltd (TCL), a prominent cement manufacturer in Trinidad and Tobago, has declared an increase in cement prices due to escalating manufacturing costs. Effective from February 19, the new pricing structure will see the cost of various cement products rise, impacting both consumers and the construction industry.
The price for a 42.5 kilogram (kg) bag of Premium Plus cement, VAT inclusive, will now be TT$57.38 (One TT dollar=US$0.16 cents), marking an increase from the previous price of TT$53.81. Additionally, Eco Cement in 42.5kg sacks will be sold at TT$52.88, up from TT$49.10, and Sulphate Resistant cement in 42.5kg sacks will see a significant jump to TT$148.50 from TT$139.08.
In a statement addressing its “valued clients,” TCL highlighted the challenges of rising manufacturing costs that have persisted despite the company’s efforts to implement efficiencies and investments aimed at mitigating these increases. The company emphasized its commitment to offering excellent quality cement and maintaining availability at competitive prices.
The decision to adjust prices is attributed to continuous inflation impacting various economic sectors, including the substantial cost increases in natural gas, raw materials, spare parts, and other essential inputs experienced over the past year. TCL has undertaken numerous initiatives to enhance operational efficiencies, upgrade technology, and optimize processes with an eye towards minimizing environmental impacts. However, these measures have fallen short of fully offsetting the inflationary pressures on the business.
Despite the price adjustment, TCL assures that Trinidad and Tobago will continue to enjoy some of the most competitive cement prices within the CARICOM region. This price increase follows a previous adjustment on March 20, 2023, which the company described as a marginal response to rising cost factors.
As TCL navigates these challenging economic waters, the company remains dedicated to investing in superior customer experiences while grappling with the broader inflationary trends that affect the industry.
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