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Cement factories earn more than Rs 40 billion from collusion: Competition Commission report

The investigation report of the Competition Commission on the cement sector states that the factory owners made an additional profit of more than Rs 40 billion through collusion.

According to the investigation report of the Competition Commission on Cement Sector, cartelization has increased the profits of cement manufacturers dramatically.

The report said that the cement sector earned an additional profit of Rs 40 billion by carteling in the northern region.

According to the report, the All Pakistan Cement Manufacturing Association had set up a WhatsApp group for contacts.

The report said that the benefit of reduction in interest rates was not passed on to the cement consumers. The government reduced the excise duty on cement by Rs 25 per bag but the cement factories provided only Rs 12 benefit to the consumers.

According to the report of the Competition Commission, cement prices have increased by 8.3% from April to September this year, with the connivance of cement manufacturers raising the price to Rs 50 per sack.

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