Crown Paints warns of 7pc rise in product prices over costly inputs
Crown Paints Group CEO Rakesh Rao. photo | salaton njau | nmg
Paint prices could go up between five and seven per cent this year, listed paint manufacturer Crown Paints Kenya has warned, citing rising prices of key raw materials.
Crown Paints Kenya Group chief executive officer Rakesh Rao, in a press briefing on Friday, said the paint maker could be forced to increase the price of its premium brands following an global rise in input costs, primarily titanium dioxide (TiO2).
Mr Rao said the hike in TiO2 prices, has been the result of the shutdown of large manufacturing plants globally.
“It’s a global impact. We used to buy titanium oxide at $2,000 (Sh205,549.85) per tonne, now we are buying at $3,600 (369,989.72) per tonne. We have no option but probably to increase the prices,” he said.