After 3 years of maintaining price stability amidst rising costs, Carib Cement will be adjusting its prices on its range of products effective Monday June 26, 2017. Our flagship product, Carib Cement Plus which is used by most Jamaicans, will be increased by $38 plus GCT per bag, while our other products will face increases based on their segment.
This adjustment became necessary due to the present economic situation which has been affected by factors such as increases in fuel prices and the devaluation of the Jamaican dollar against international benchmark currencies. These adverse conditions have forced companies like ours to adapt to these prevailing challenges.
Electricity and fuel costs form a large portion of Carib Cement’s overhead costs and increases in any of these costs negatively impact the Company’s ability to stabilize its input costs. Despite the increasing costs over the past three years, Carib Cement was able to postpone any adjustment to its prices by increasing plant efficiencies and implementing cost reduction strategies. However this price adjustment has become necessary due to the increases experienced in operational costs that were greater than the gains made.
Please be informed that we will be facilitating collection of cement purchased at the existing price up until June 30, 2017. Regrettably, purchases not collected by this time will attract the new prices.
Carib Cement is mindful of its responsibility to all its stakeholders and remains committed to working to minimize the impact of increasing costs by continuous improvements in efficiencies. Despite the challenges faced in both the global and local environment Carib Cement remains committed to continuous improvement and will continue to be aggressive in finding innovative means to reduce costs. Our commitment remains steadfast to better supply the Jamaican Market, as we continue working together towards building a greater Jamaica.