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Last Updated : 2024-05-21 09:19:00
8 September 2022 03:44 pm - 4 - {{hitsCtrl.values.hits}}
In the wake of the increase in prices of consumer goods and various items including in the construction industry, the Consumer Affairs Authority (CAA) has initiated the process to consider putting Maximum Retail Prices (MRP) to few crucial sectors such as cement and steel.
Earlier, the President had instructed the minister of trade to find ways and take immediate measures to bring down the cost of living amidst the economic instability.
Accordingly, the CAA had issued several extraordinary gazette notifications declaring MRP for several items and consumer goods such as on eggs and rice. However, the gazette notifications were revised on a number of occasions as well.
It was reported that the Authority has now initiated the process, following the instructions of President Wickremesinghe, to introduce a MRP on several other items especially on the construction industry due to a rapid increase of prices in the market.
Officials have already met with construction industry experts including from the Cement and Steel sectors to discuss in this regard.
It was revealed that steel manufacturers and cement manufacturers have enjoyed exorbitant profits for the last year since there was no MRP and they increased prices as they wished.
According to the data from the Construction Industry Development Authority, it showed that the average price of a 50kg cement bag sold by the public and private dealers had increased by 187 percent from June 2021 to June 2022. The same increased by 98 percent from January 2022 to June 2022.
Accordingly, the price of a 50kg cement which was sold at Rs. 950 is now sold at Rs. 3,200 while the price of a MT of steel which was at Rs. 125,000 is now over Rs. 600,000 per MT.(Darshana Sanjeewa Balasuriya)
Renovator Thursday, 08 September 2022 04:22 PM
Is it price gorging by the more recent entrants to the local steel and cement manufacturing industry? Who are the beneficial owners of these set ups. Is it a mafia? Let's open up to unrestricted importation of steel and cement and remove all import duties and see if they can survive. If they can, even after dropping their prices, it will confirm their price gorging practices. If they cant, too bad, they milked it while the going was bad.
Dee Thursday, 08 September 2022 07:22 PM
Most of the legit income earners are not constructing anything. The ongoing construction is mainly from non tax paying People (lots from the noble education trade) . So since they won't pay taxes anyways and now can't buy range rovers (because of being caught on tax net once registered and also they can't be imported right now) let the industry go on! Catch the cement and steel traders for tax.
Invisible Thursday, 08 September 2022 10:47 PM
How about looking into the MRP of bread, tea, milk, to name a few, before looking into the MRP of cement and steel which are not edible. People must first eat and live before they go into construction, don't you think?
Bankrupt Friday, 09 September 2022 01:15 PM
Sri Lankan Airlines too has hiked the airfares by 300 to 500pct for those sectors where they enjoy a monopoly. 'Surge Pricing' is the respectful way of calling it. For an ordinary person it's black marketing holding the him for ransom.
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