PORT OF SPAIN, Trinidad – The Trinidad Cement Ltd (TCL) has announced an increase in the price of cement saying it continues to face increasing manufacturing costs.
In a statement, TCL said that the new prices go into effect from February 19, and that the new price of the 42.5 kilogramme (kg) bag of Premium Plus cement VAT inclusive is TT$57.38, up from TT$53.81.
TCL said that Eco Cement in 42.5kg sacks will now be sold at TT$52.88 VAT inclusive, up from the current price of TT$49.10, while Sulphate Resistant in 42.5kg sacks has been increased to TT$148.50 VAT inclusive from TT$139.08.
“As discussed at our virtual meeting held on Monday January 22, 2024, Cemex TCL continues to face increasing manufacturing costs. Despite our investments and efficiencies implementation, we have been unable to mitigate increases fully.
“Cemex TCL continues to give priority to our valued customers by providing excellent quality cement and availability at the most competitive prices. Please be guided by the attached updated customer price list, effective Monday, February 19. We remain committed to making investments in creating a superior customer experience for you,” TCL said in a statement to its “valued clients”.
TCL also blamed the continuous inflation that affects the industry and other economic sectors for the increase saying “this decision is unavoidable to cope with the escalating costs of natural gas, raw materials, spare parts, and other essential inputs, which have risen significantly in the past year.
“We have continued to invest in enhancing our efficiencies, upgrading our technology, and optimizing our processes to minimize the environmental impact of our operations.
“However, these actions are insufficient to mitigate the negative effect of inflation on our business. Despite this price adjustment, Trinidad & Tobago still retains the most competitive price of cement in the CARICOM region,” TCL added.
TCL had increased prices on its products March 20, 2023, saying then “cement prices are in fact set to be marginally adjusted, taking into consideration some of the rising cost factors with which TCL is faced.”