Egypt: rising prices prompt monopoly concerns

A recent rise in Egyptian cement prices has prompted the country’s Consumer Protection Agency to file a complaint with the Protection of Competition on price fixing allegations.

The Consumer Protection Agency is claiming that cement companies have tactically agreed to raise cement prices, according to reports in Al-Masry Al-Youm press. The report states that the president of the Consumer Protection Agency, Atef Yaaqoub, has questioned the price increase given that cement supply has gone up and says that he has called on the government to intervene and fix cement prices.

Meanwhile, Ahmad al-Zieny, head of the Building Materials Division at the Federation of Egyptian Chambers of Commerce, said that cement prices should be fixed at fair prices for consumers. Any subsequent price increase should be agreed upon by all industry leaders, he added.

However, Medhat Stephanos, head of the Cement Division at the Federation of Industries, has underlined that the rise of natural gas prices to $6 per million BTU from $4 per million BTU were behind the cement price hike. Stepahnos contended that the price of cement cannot be fixed due to several factors, including the cost of electricity, which is on the rise.