00:00TCL's price increases are justified, are unjustified. That's the bold statement
00:05coming from Trade Minister Paula Gopi Skoon. On the heels of Trinidad Cement
00:09Limited's latest price increase which took effect on Monday. The Minister says
00:14the Ministry will be making key decisions shortly. Vanessa Cutting reports.
00:19Effective February 17th, Trinidad Cement Limited's SAC product increased by 7%
00:25with bulk prices to increase effective March 5th. It's the fifth price increase
00:31since 2021 and the move is showing harsh condemnation from the Trade Minister.
00:37We are not happy where we are when one looks at the cumulative price increase
00:42by TCL. We are not pleased about that at all. That is fully before us. I have had
00:48discussions as Minister of Trade and Industry with TCL and I've said in no
00:53on certain terms that we will not countenance the continued increases by
00:59TCL in the marketplace. In 2021, rock-hard cement pulled its operations
01:05from T&T, citing heavy tariffs and customs duties. In the months to follow,
01:10TCL increased its product four times. 15% in December 2021, 7% in August of
01:172022, 5% in March of 2023, 7.6% in February of 2024 and now one year later
01:26a 7% increase. The Ministry has data to suggest that the increases are
01:32unjustified. It is to me. I mean I look back at the price where we were when we
01:38started looking closely at the viability of the industry and we are back there. To
01:45this end, the Ministry is taking action to create an environment to foster
01:49competitiveness in the cement industry. What we are trying to ensure is that we
01:54open back up the market. We've done that actually by reducing the CET. We've gone
02:00before the COTED, the CARICOM body and reduced the CET from 50% to 10% over
02:07time. We are examining what the possibilities are now but even more
02:13important is, and it's a balancing act, even more important is ensuring that
02:18quality cement comes into this country. According to TCL's latest price listing,
02:24its premium plus 42.5 kg sack is now $61.39 while its eco cement is $56.58.
02:34The previous prices were $57.38 and $52.28
02:41respectively, a difference of roughly $4. In a statement today, the Contractors
02:47Association questioned the increases, noting that no other construction
02:51material has seen such significant increases as the price of cement,
02:56lamenting that the construction industry is under pressure. The TTCA reveals that
03:01it sent communication to TCL last week urging them to reconsider the price
03:07increase. TCL is a sole cement manufacturer in the country.
03:11Renessa Cutting, TV6 News. In response, TCL says it is encouraged by Minister
03:18Gopi Skun's concerns as they relate to the importance of local industries and
03:22the jobs of direct and indirect workers. TCL says it remains fully committed to
03:27its socio-economic responsibilities, mindful of the company's significant role
03:32in the construction sector and to delivering a reliable supply of high
03:36quality cement as needed to support the country's growth.
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