Cement and steel cartels looting masses: Khalid Mehmood

ISLAMABAD, January 24: President Society Watch Khalid Mehmood has said that makers of cement and steel rods are robbing masses by not providing relief of reduced production cost to masses.   Reduced price of coal and oil has brought down production cost of cement by 20 per cent while the cost of making steel rods has come down by almost Rs 10 thousand per ton.  The cement and steel millers are silently passing benefit to distributors, wholesale buyers contractors working on mega projects and builders but keeping masses deprived, he said.  Khalid Mehmood said that the departments supposed to check corrupt business practices have preferred to ignore this plunder for obvious reasons.  He said that despite getting discounts the developers have increased prices of apartments by 20 to 30 per cent in one year therefore government should ask them to reduce prices or take back relaxations granted in the budget.  Many cartels continue to increase prices without any justification which amount to plundering masses while Competition Commission of Pakistan remain silent spectator. A bag of cement that was available for Rs 350 in October 2011 now costs Rs 530 to 550 for masses while others get good discounts.  The cement and steel cartels must be punished and import of these items should be encouraged to protect masses and discourage profiteers, he demanded.-Sabah