BUA Food Increases Prices of Sugar, Spaghetti After Slashing Cement Price to N3,500
- The prices of some BUA Food products have reportedly spiked in markets across the country
- This comes after the company announced a deduction in the ex-factory price of its cement
- The prices of flour, sugar and spaghetti have spiked since the announcement was made
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The BUA Group has raised the prices of spaghetti, sugar, and wheat less than two weeks after declaring a decrease in cement price to the ex-factory price of N3,500 per bag.
Although the company announced a price reduction in cement, consumers have not yet noticed it because the product is still being sold at the previous prices.
However, investigations revealed that the food division of the manufacturing group recently raised the prices of its sugar, flour, and pasta products in the market.
Source: UGC
The Guardian reports that a bag of flour costs N32,500, a bag of sugar costs N44,000, and spaghetti costs N8,100 per carton as of last week. These items are currently offered for N47,500, N34,500, and N9,000, respectively.
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Dealers say increase in BUA Food follows earlier announcement on cement price
According to a BUA Foods dealer in Kano, the company’s announcement that it would be reducing the price of its cement product was immediately followed by an increase in commodity prices.
The dealer said:
“We have observed an increase this week. Price of a bag of flour has now gone up to N34, 500 as against the N31, 000 to N32, 000 sold last week. About N3, 000 has been added to a bag of flour and it is from the company. For sugar, there is no standard price but it is being sold as high as N48, 000 now in the market. It was N44, 500 to N45, 000 per bag just last week. We have just been notified about the increase this week via telephone calls.”
One single pack of spaghetti now sells for N550 in the market in the locations where it is marketed as a result of this hike, which is similar to the rise in sugar costs.
The BUA Pasta Pack of 20 pieces now costs N9,600 instead of N9,300 as of last week, according to a visit by The Guardian to Singa Market in Kano yesterday.
While the price of BUA flour has increased from N33,500 to N35,500 since last Saturday, the price of a bag of BUA sugar has decreased from N46,300 to N48,000.
Dangote, BUA Cement spent N205bn powering generators in first six months of 2023
Legit.ng reported that two of Nigeria’s biggest Cement manufacturers, Dangote Cement and BUA Cement, said they spent about N204.925 billion powering their generators for operations during the half year ended June 30, 2023.
The spending represents an 18% increase from N173.537 billion recorded during the same period in 2022.
The amount also represents 41.15% of the total cost of sales for the firms, amounting to N498.031 trillion recorded during the review period.
Source: Legit.ng
