The Sri Lanka Consumer Affairs Authority (CAA) today (Monday) has allowed INSEE Cement (formerly Holcim Lanka) and Tokyo Cement to increase the price of a 50kg bag of cement by LKR3 (US$0.019) with effect from last Wednesday, reports the Sri Lankan Sunday Times.

The Ministry of Industry and Commerce had given consent to the two companies to increase the cement price subject to the approval of the CAA. INSEE and Tokyo Cement had requested to increase the price, citing high costs of imported raw materials, official sources said.

To date, Sri Lanka's other three cement companies have not made any request to the CAA to increase the price and imported cement prices have not changed, according to cement traders.