The maximum retail price of locally-manufactured cement will be reduced from Rs. 2,600 to Rs. 2,300 per 50kg bag with effect from July 06.

Addressing a press conference in Colombo, Minister of Trade Nalin Fernando stated that the price of a 50kg cement bag will be reduced by Rs. 300 with effect from July 06.

Cement prices can be decreased by another Rs.1,000

Accordingly, the maximum retail price of locally manufactured cement which is currently Rs.2,600 will be brought down to Rs.2,300 per 50 kg bag from today, according to the minister.

Meanwhile, the prices of certain materials used in the construction sector including cement have dropped to a certain extent, according to traders and suppliers.

However, the shop owners state that the price of cement has been reduced by around Rs. 400 so far, while the price of iron has dropped around Rs. 90,000 per metric tonne within the past three months.

Prices of paints have also been reduced, they added.

However, the National Federation of Construction Workers’ Unions urges the government to further reduce the prices of construction materials in order to ensure job security in the construction sector.