The Nigerian Breweries PLC has issued a “Price Review Notification” to all its direct customers in the West Zone.
This was contained in a letter issued to the customers, with the prices becoming effective on February 19, 2024.
According to the letter sighted by The Eagle Online, the price review is deemed necessary to offset the impact of increased production expenses.
While assuring that customers who have fully paid for orders before the specified date would be honoured at the existing prices, the company noted that orders exceeding the communicated quantity window will be subject to the revised pricing.
The price adjustment by the FMCG company is believed to have been a result of the rising cost of production worsened by forex volatility
Excerpts of the letter: “Please accept our best compliments!
“This is to inform you that we are constrained to review the prices of some of our SKUs with effect from Monday 19 February 2024.
“This review has become necessary because of continued rising input cost and the need to mitigate the impact.
“In appreciation of our great partnership and your commitment, we will deliver at current prices all open orders that are fully funded and created in our system before 00.00hrs on Monday 19th February 2024.
“The exact quantity of orders that will be allowed will be communicated to you by your Regional Business Manager (RBM).
“Any order in excess of this quantity will be re-invoiced at the new price on the 19th of February 2024.
“While thanking you for your commitment to our valued partnership, be rest assured that we will continue to support your sales/distribution efforts as always.
“For further clarifications, please do not hesitate to contact your Regional Business Manager. Happy Selling!!!”
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Based on calculative reasoning, the decision is a strategic response to the burden of rising production costs fueled by the 28.92 percent inflation rate recorded in December 2023 and the Naira’s depreciation of over N1,600 against the dollar at the black market, where most manufacturers and importers source their foreign exchange.