Cement price drops in Anambra
The price of cement a major building material has dropped from as high as N4,500 to N2,800 making a drop by almost 40 per cent. This new development was observed during a visit to Umuokpu market, Awka.
Before the festive period, the price of a bag of cement was N2,300 but, following the usual trend of increase in cost of production during the time of festivity, the cement price went up causing an invariable decline of patronage.
Lady Anastasia Chukwu, a cement dealer, speaking with Orient Daily, explained that, before the yuletide, there was a reasonable record of patronage but that when the price increased, the demand began to drop, in obedience of the law of demand and supply. When asked if the increase was a deliberate act to make extra gain for the season, she declined and said it was a reflection from the top (source of supply).
She disclosed that when the hike led to drop in sales, they cried to the producers and distributors for price review. She said she was glad that the price hike had been relaxed to a fair amount of N2,800 and strongly believed that, in no distant time, the price would return to normalcy.
Another respondent, simply called Collins, expressed delight at the reduction, saying it would enable more persons to own their own homes. He believed those who could not complete their projects because of the price hike would now resume and complete their projects and that the price would reduce further enable more construction.
Also, a mason, Ude, complained that, with the price hike, people slowed down their projects, thus affecting them (cement sellers).