CAA to probe unfair price hikes of construction material

COLOMBO (News 1st); The Minister of Trade, Commerce and Food Security, Nalin Fernando says that construction and raw material production companies which have unfairly increased prices have been summoned before the Consumer Affairs Authority.

The Minister said that attention has been paid to construction companies that have skyrocketed prices without any regulations.

He noted that during the past few months, many complaints have been received alleging that the prices of cement, wires, sand and other construction material have been increased. 

Minister Fernando, however, while acknowledging that the foreign exchange crisis has hampered the importation of construction material, said that the companies have been summoned before the CAA to inquire whether the prices have been increased in an unfair manner. 

The Minister said that price control measures may have to be implemented if it is revealed the prices have been increased in an unfair manner.