Sixteen largest cement companies in Pakistan have extra-charged worth of Rs 40 billion to the people in a year, revealed in a report of Competition Comission.
The government waived the federal excise duty by 25% but the benefit did not reach to the people. In Karachi, it was increased up to Rs 32, thus, the price of cement in the country was increased by Rs 50 per sack.
The report said that the profits of cement companies increased by 100 to 800 per cent, while the price of cement was increased at a time when production costs had come down significantly. The investigation report said that 16 cement factories of the country made a total annual profit of Rs. 40 billion by manipulating.
The report also revealed that a nexus of cement factories set cement rates through WhatsApp groups and deprived the public of a 25 per cent rebate on federal excise duty.