The National Executive members of the Table Water and Beverages Producers Association of Nigeria (TWABPAN) has told Nigerians on the reasons behind the recent increase in the price of a bag of sachet water and a pack of bottle water .
The Chairman of the association, Prince Adeniyi Olukoya who spoke in the presence of other members of the national executive members during a press conference held in Abeokuta.
Olukoya while speaking on the new prices to the products, emphasized the impact of rising material costs on the water industry.
Olukoya highlighted the surge in prices of essential production materials, such as packing bags and filtration components.
He detailed the significant increase in the cost of a kilogram of printed loads, which has risen from #1,400 to the current market rate.
This escalation in expenses has prompted the association to reevaluate their pricing structure.
The Chairman acknowledged the association’s efforts to maintain lower prices for an extended period.
Olukoya noted that many producers, approximately eighty-five percent, have been operating at marginal profits to ensure affordability.
However, recent developments, particularly over the last two to three weeks, have compelled a reassessment of pricing strategies.
Olukoya explained the challenges faced by producers, citing the astronomical rise in the costs of consumables such as filters, activated carbon, Teflon, and Telecon rubber components.
He emphasized the necessity of adhering to Good Manufacturing Practices (GMP), highlighting the impact on filtration processes and the associated costs of regular replacements.
Addressing concerns about potential exploitation, Olukoya clarified that the association is not attempting to take advantage of consumers but is striving to maintain the sustainability of its members.
He expressed the association’s commitment to considering the public’s welfare and assured that any relief in the market, such as a reduction in the value of the dollar, would be passed on to consumers.
Olukoya extended the explanation to cover both sachet water and bottle water, ensuring transparency in the association’s pricing decisions.
The association urged the public to understand the economic challenges faced by the industry and emphasized its commitment to quality, responsible practices, and fair pricing.
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