EXCESSIVE AND UNREASONABLE.
That’s how the Fair Trading Commission (FTC) has described the 85 per cent increase in sand prices which was imposed back in March.
Back in March, Island Developments Limited, the dominant supplier of wholesale sand in Barbados, increased its price from $22.70 to $42.01 per tonne.
In a decision announced today, FTC chairman Sir Neville Nicholls said the regulatory body had reviewed the matter and directed the company to reduce its price to “a level that bears a more reasonable relationship to its underlying cost”.
“Island Developments Ltd has complied with the Commission’s directive and reduced the price of sand to $37 per ton. The Commission is satisfied that this price is reasonable,” a release said. (PR/NB)