Monday, October 03, 2005

Price ceiling sought :: Gulf News

As it happens, we're discussing price ceilings this week in class.

Quote:
The UAE Contractors Association has warned that it will take action against cement companies that intend to increase prices. Prices have recently risen by 8 per cent per tonne and 10 per cent per bag.

Dr. Ahmad Balhasa, chairman of the Association, said that the association, the country's sole supervisory and regulatory body concerned with the prices of building materials, will not stand idly by if the prices of cement continue to rise. "Last year prices reached skyrocketing levels," Balhasa said. We will move to control the price of cement before that happens.
. . .
"There are some people who take advantage of the market's freedom and open policy to increase their prices, to reap windfall profits at the expense of others," said Balhasa.

"But it is illogical that cement factories increase their net profit because of the fuel surcharge, because cement prices are already high," he added.

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