The agency has filed a complaint with the Protection of Competition and Prevention of Monopoly Practices Authority, alleging cement companies tacitly agreed to raise cement prices in a manner not commensurate with the real estate recession, the increasing number of factories and increasing production volume.
“Cement is a strategic product for 95 industries,” said Atef Yaaqoub, president of the Consumer Protection Agency. “Prices were raised by 30 percent.”
He said the country had 16 cement factories in 2010 that produced a total of 43.3 million tons per year. In 2011 that number grew to 19 factories producing 44.7 million tons and in 2012 to 21 factories generating 48.3 million tons annually.
Yaaqoub questioned the price increase given that cement supply has gone up and he called on the government to intervene and fix cement prices.
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