Less than two weeks after announcing a decrease in cement prices to the ex-factory price of N3,500 per bag, the BUA Group has raised the prices of spaghetti, sugar, and wheat.
Consumers haven’t yet noticed the cement price reduction, despite the company’s announcement, because the product is still being offered at the previous prices.
A BUA Foods dealer in Kano claims that after the company announced it would be lowering the price of its cement product, commodity prices immediately rose.
“We have noticed a rise this week, the dealer reported. A bag of flour is now N34, 500 more expensive than the N31, 000 to N32, 000 it cost to sell last week. A flour bag from the company has an addition of roughly N3,000. No set price exists for sugar, but it is currently being sold in the market for as much as N48,000. Just last week, it cost between N44,500 and N45,000 per bag. This week’s increase was just announced to us over the phone. “
This increase has caused the price of a single pack of spaghetti to rise to N550 in the markets where it is sold, similar to how the price of sugar has increased.
According to a visit by The Guardian to Singa Market in Kano yesterday, the price of the 20-piece BUA Pasta Pack is now N9,600 rather than N9,300 as of last week.
Since last Saturday, the cost of a bag of BUA sugar has decreased from N46,300 to N48,000. In contrast, the cost of BUA flour has increased from N33,500 to N35,500.
