The Minister of Trade, Nalin Fernando, announced during a press conference in Colombo that the maximum retail price of locally-manufactured cement will be reduced from Rs. 2,600 to Rs. 2,300 per 50kg bag, effective immediately from July 6.
According to Minister Fernando, this reduction will result in a decrease of Rs. 300 for each 50kg cement bag, starting from July 6.
As a result, the maximum retail price of locally manufactured cement, which currently stands at Rs. 2,600, will be adjusted to Rs. 2,300 per 50 kg bag, commencing today, as confirmed by the minister.
Meanwhile, traders and suppliers report a decline in prices of certain construction materials, including cement. Shop owners have observed a reduction of approximately Rs. 400 in the price of cement so far, while the cost of iron has dropped around Rs. 90,000 per metric tonne within the past three months.
Additionally, the prices of paints have also seen a decrease, as stated by shop owners.
Despite these changes, the National Federation of Construction Workers’ Unions urges the government to further decrease the prices of construction materials to safeguard job security within the construction sector.