Retailers shun BUA price reduction announcement, maintain N5,300 per bag in Ibadan

The price of cement has refused to change in many markets across the country, despite the reported reduction in price by some manufacturers.

Wholesalers and retailers in some parts of Ibadan in Oyo State have continued to sell the BUA brand of cement at the rate of N5,300, DAILY POST can report.

This is contrary to the earlier public announcement by the company that it reduced the price of the commodity.

The company, had, in a statement on its X handle, explained that it reduced the price of the commodity by 30 percent, leaving the product at N3,500 per bag.

It also announced that the new priceregime will take effect from Tuesday, 2nd October 2023.

But, findings by DAILY POST in some parts of Ibadan since the announcement revealed that the price of the commodity has not changed.

A market survey by our correspondent on Wednesday revealed a scarcity of the product in the metropolis and non-compliance with the new price directive by retailers.

Some sellers who spoke with our correspondent alleged that the announcement could have been media propaganda which does not have any direct bearing on the product.

Buyers who also spoke to DAILY POST claimed they are yet to find anywhere the product is sold for less than N5,300.

A cement seller in the Laniba area in Akinyele local government area, Ayobami Iyanda claimed that the price of cement remained the same, alleging that distributors do not sell to them at the rate of N3,500 as announced by the company.

Iyanda said, “We are not buying at the rate of N3,500, so how do you want us to sell at that price. I have called my distributor and she told me that the price has not changed. You can buy at the rate of N3,500 as a distributor when you go to Sokoto, you will hire a trailer and you know the cost of diesel now, so you will be spending more than one thousand naira on transportation and you know that our roads are not good, the distributor will sell at N5,000 or N5,100. So, as a retailer, can you sell at the rate of N3,500. That is why we want somebody like you to help us tell the public that we cannot sell at N3,500. The price now is N5,300. It is even more expensive than other brands because it is scarce.

Another cement seller in Ido local government area who asked not to be named told DAILY POST on Thursday that the product is not even in the market.

“Please, don’t mention my name. I am talking to you because you are a known person to me. I don’t want you to mention my name. So, where will you see it. I am not selling it now, it is scarce. Many people have queued for it and they are yet to get it. Even if they give them, will they sell at N3,500? They may be selling it at the rate of N3,500 in the North, but we cannot sell it like that here because of the transportation cost and the stress involved”.

An Ibadan-based bricklayer, Alao told DAILY POST that none of his clients has bought the product at the rate of N3,500 in recent times.

“Yes, it is a good brand but we have not seen a place where they are selling it at the rate of N3,500. If I see it, I will buy, but they are not selling it at that price”.

Another seller in the Ajibode area in Ibadan who did not want his name mentioned, said he is selling at the rate of N5,300.

The cement seller who spoke with DAILY POST on Wednesday, said, “I am selling at the rate of N5,300 per bag. That is the price. You can go to other places and ask”.

DAILY POST is still making efforts to reach the BUA Group for insight into this development.

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