Maldivian capital sees cement prices soar above MVR 300 per bag

The price of cement – a product crucial for the construction industry – has risen above MVR 300 per bag in the Maldivian capital.

The price of cement, usually available for MVR 140 – MVR 160, began to climb up in March. It pushed prices up to MVR 250 in Male’, and above MVR 300 in the northern city of Kulhudhuffushi.

The prices have gone even higher.

A top importer of cement, Villa was delivering a bag of cement to Male’ for MVR 313 on Wednesday. The price is MVR 302 per bag for deliveries from K. Thilafushi.

This marks a significant rise in prices.

Businesses have said that cement is no longer available from the State Trading Organization (STO), something that the company has yet to make an official comment on.

“Work is practically at a complete standstill. We cannot make ends meet by purchasing cement at this price,” said an individual building a guesthouse in ADh. Atoll.

The sharp rise in cement prices has been linked to the increase in freight charges due to the ongoing war in the Middle East.