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Saudis Set Cement Factory Price at 12 Riyals a Bag, SPA Reports

March 18 (Bloomberg) -- Saudi Arabia set the factory price of a cement bag at 12 riyals ($3.20) and the retail price at 14 riyals, the official Saudi Press Agency reported, citing Minister of Commerce and Industry Tawfiq al-Rabea. The price of bulk cement has been fixed at 240 riyals a ton, it said.

Cement supply will grow 15 percent annually after the ministries of petroleum and commerce agreed to provide the fuel to operate expansions at existing plants, the Riyadh-based news service said.

To contact the reporter on this story: Mourad Haroutunian in Riyadh at mharoutunian@bloomberg.net

To contact the editor responsible for this story: Shaji Mathew at shajimathew@bloomberg.net

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