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MENAFN - Arab News - 19/03/2012

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(MENAFN - Arab News) Commerce and Industry Minister Tawfiq Al-Rabiah yesterday fixed cement prices at SR12 per bag for factories and SR14 for street vendors and shops while the price of loose cement was at SR240 per ton, the SPA reported.

The Ministry of Commerce and Industry and the Ministry of Petroleum and Mineral Resources have taken steps to increase cement supply by providing adequate fuel to factories to operate at full capacity.

"The move aims to ensure a supply of an additional quantity of 15 percent of the present market stock and annual supply of 150 million bags," Al-Rabiah said.

The minister thanked Custodian of the Two Holy Mosques King Abdullah for supporting the ministry's drive to end the country's cement crisis.

He urged the public to inform the ministry of any discrepancy in prices by contacting the toll-free No. 8001241616.

Output from 13 cement companies in the Kingdom reportedly rose by 13 percent in February to 4.4 million tons, according to data posted on the website of Yamamah Cement Co.

As a result of cement shortage in the past weeks, contractors and realtors in Jeddah, Madinah and other parts of the Kingdom had to pay SR25 per bag in the black market. It also raised the price of ready-mix cement from SR200 to SR350 per sq. meter.

 






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