An economist warns of the repercussions of raising black oil prices on the cement industry
Sunday, 10 April 2022 2:58 PM
National News Center / Follow up
On Sunday, economist Nabil Al-Marsoumi warned of the repercussions of raising black oil prices on the cement and asphalt industry and the level of unemployment in Iraq.
Al-Marsoumi said, in a Facebook post seen by the National News Center, that “the decision of the Ministry of Oil to raise the prices of black oil will lead to damages to the cement industry, especially because it will raise production costs and make importing clinker from Iran more feasible than using black oil, which is what is happening.” Currently, which will increase foreign currency leakage abroad.”
He added, "The cement industry, which is currently achieving high rates of self-sufficiency, will suffer in favor of foreign cement, which will crowd out Iraqi cement, which will increase the costs of building and construction, and asphalt factories will suffer, whose production costs will rise, and
this will lead later to reduce production and lay off workers in asphalt and cement factories in At a time when unemployment rates are rising and prices are rising to unprecedented levels.”