Economy
COVID-19: Prices Of Face Masks Materials On Increase
Makers of the local-made face masks have reacted towards the sudden increase in the price of elastic rubber which is a major part of the making of face marks.
To the updating of the local tailors who had said their means of livelihood, at this period of the COVID-19 pandemic, depend on face marks making.
We gathered from the right sources that the sales of the elastic rubber have suddenly increased after the pronouncement of the Lagos State Government that the state will not condone any negligence of the usage of the face masks henceforth.
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The tailors complained that the price of the elastic rubber was eight hundred Naira (N 800.00) on Wednesday, May 22, and came higher on Friday, May 25 as it was sold at the rate of one thousand Naira (N 1000.00).
They moved further to say that it was sold yesterday, Tuesday, 28 April 2020 at the rate of two thousand Naira (N 2,000.00).
In response to the complaint, the marketers of the elastic rubbers said the increase of the price is not due to the fact that the government has made usage of face marks compulsory. But rather, the increase has happened as a result of the unlimited availability of the elastic rubber in the market.
An economist, Mr Tolu Salako, came in to say that when goods are scarce in the market, definitely there must be an increase in price to reduce the tension of buying the product or for the buyers to look for an alternative.
“However, even the product is not scarce in the market, Nigerian marketers will increase the sale as the product has become one of the needed necessities,” he said.
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