Business
Dangote Cement Blames Naira Devaluation For Increase In Price of Cement
Dangote Cement has explained why it had to increase cement prices by as much as N600. The company stated the reason via a press release published in the website of the Nigerian Stock Exchange (NSE).
According to the Cement giant, disruptions in Gas Supply has increased the cost of powering their plants since they now have to switch to the more expensive LPFO and coal. The company explains that LFPO and coal are about three times the cost of using gas.
The company also blamed the devaluation of the naira in “over the past few weeks” as another reason for increasing the price of a bag of cement.
The company further explained that its plan to switch completely to coal in going as planned and will drastically reduce the cost of relying on gas and LPFO which are more expensive. Dante Cement says it will start mining its own coal by November 2016.
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