The Fijian Competition and Consumer Commission says that effective from today, Pacific Cement PTE Ltd will be implementing new prices for its General Blended Bag Cement and General-Purpose Bulk Cement products in Fiji.
In a statement released by FCCC, they said the reduction is based on a submission received from Pacific Cement PTE Limited requesting a decrease in the price of its cement product.
The FCCC said that after conducting an independent review of the submission, FCCC noted that the landed cost of clinker had decreased.
“Clinker is the major constituent used by cement companies in Fiji to manufacture General Blended Bag Cement and General-Purpose Bulk Cement for the Fijian economy’s construction needs.”
“Taking into consideration these factors, FCCC has issued an Interim Authorisation to Pacific Cement PTE Ltd, authorising new wholesale prices for General Blended Bag Cement and General-Purpose Bulk Cement, decreasing by 11.29% and 14.23% respectively.”
“The new price of 40 kg General Blended Bag Cement for Pacific Cement will be $15.18 VEP, decreasing by $1.93 VEP per bag of cement,” the statement said.
Fijian consumers should expect a decline in Pacific Cement retail prices in the coming weeks.
The FCCC will continue to monitor the performance of Pacific Cement on a monthly basis to assess their performance and cost structure.
The Interim Authorisation is valid until 30th June, during which FCCC will undertake a comprehensive review of Pacific Cement’s cost structure and asset base to implement Final Authorised prices.