LAHORE, June 23: The Lahore Chamber of Commerce and Industry has demanded creation of a regulatory authority to control the cement price for checking its blackmarketing. Expressing concern over the sharp increase in cement price, LCCI president Mian Misbahur Rehman, senior vice-resident Sohail Lashari and vice-president Shaikh Arshad said in a joint statement here on Thursday that there was no justification for a price increase as all cement manufacturing units were operating to their full capacity, and the annual production of 18.5 million ton was sufficient to meet the requirements of the country.

They said the entire construction industry had been hit by an unprecedented Rs100 per bag increase in the cement price which had brought the work on the ongoing schemes to a standstill. Contractors had been left with no choice except to suspend development work because they had procured contracts on old rates.

The government should not only take measures for stabilizing cement prices but also create a regulatory authority for controlling its prices. Black marketing of cement was likely to have a negative impact on the government efforts for stabilizing the economy and increasing foreign investment, they concluded.

Meanwhile, the Consumers Rights Association Forum has urged Prime Minister Shaukat Aziz to allow import of cement to control its blackmarketing.

Forum secretary-general Mohammad Hanif Goraya said the cement manufacturers had raised the prices from Rs259 to Rs350 per bag since May 24 bringing all development activities to a halt. He said the cement price could be normalized only by increasing supplies in the market by allowing its import. —Reporter