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The prices of Rock Hard cement will go up as the local importer battles against the Government in court over a 50 per cent hike in import duties.
Speaking with Newsday on Wednesday afternoon Rock Hard Distributors TT managing director Ryan Ramhit said they had no choice but to raise prices since the Ministry of Trade and Industry imposed higher import duties on cement at the start of the year. The ministry also set an import quota of 75,000 tonnes.
He said, “I have been open to the public since the February 1. Mainly because of the 50 per cent implemented and the new quota, my prices have increased.
“The 42.5 kg bag is wholesaled at $65.25 per bag, VAT inclusive. The retail price will be determined by the hardware. I am not too sure what that price will be."
On January 1, Government imposed a common external tariff on building cement – five per cent on hydraulic cement and 50 per cent on grey. This has since been challenged by Rock Hard at the High Court and the Caribbean Court of Justice (CCJ).
The High Court matter is expected to be heard later this month.
In December last year, the ministry, in Legal Order 415 and 416 of the Customs Act, Chap 78:01 introduced a quota, import licensing regime and registration system for building cement.
This system, it said, would last for a three-year period and implemented a maximum quota of 75,000 tonnes of cement to be imported. Those who wished to engage in such activity would first have to be registered with the Trade Licensing Unit at the ministry.
Ramhit said he was disappointed by Government’s move to introduce and increase the duties and quota.
“I have had no real business since January as I have had to close for that month. I have only started back on Monday. I probably have one per cent of the business from what I would normally have.
“It is very unfortunate what has transpired. Rock Hard contributed towards the competition on the cement market and competition yields a lot for the general consumer.”
Ramhit said the new price of Rock Hard cement will remain and for it to return to where it was will depend on the decisions taken by the court on the matter.
A telephone survey found that prices at hardware stores have not increased as yet, with a bag of Rock Hard cement being sold at an average of $43 per bag and a bag of cement from Trinidad Cement Limited – majority-owned by Mexico's Cemex – was at an average $48 per bag.
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