NBC ups prices by 25% as competition dips; Indomie price by 10%

Nigerian Bottling Company (NBC), makers of Coca Cola and its variants, has increased the prices of most of its products by 25 percent, BusinessDay investigations show.

Specifically, Coca cola, Fanta and Sprite, Schweppes and Eva water have their prices increased from N120 to N150 in the last one week.

BusinessDay findings reveal that most consumers of coca cola are switching to similar brands that are cheaper.

‘‘Before the price increase, I used to buy a pack of all coca cola drinks for N1150 but it’s now N1500. Since I started selling a pet bottle of coca cola for N150 few days ago, most of my customers who usually bought coke now prefer Pepsi because it’s still N120,’’ said the manager of a supermarket in Lagos who does not want to be mentioned.

However, another consumer, who complained that the hike in price of Coca cola products is hurting margins, said she has no option than to continue buying since consumers still request for the drink despite the price.

‘‘My profit after selling a pack of drinks is now very little compared to before. I buy ice blocks to cool the drinks and also transport the drinks from where I buy down to my shop. That leaves me with almost nothing but the good thing is that people are buying it,’’ said Biola Adejare, a retailer in Lagos.

All attempts to get a comment from Coca Cola Limited proved abortive as Akomen Omijeh, its corporate communications manager, said he was in a meeting and would ring back when he’s through. As at the time of filing in this report, he was yet to call.

Meanwhile intense competition in the noodles industry has forced down the price of Indomie noodles, particularly the 70 grams noodles.

A carton of 70 gram Indomie noodles which was sold for N2, 000 two weeks ago, is now N1, 800.

Further survey reveals that the price of 70 gram Minimie noodles and Golden penny noodles is N1700 and N1750 respectively.

Tope Asiwaju, Public relations Manager, Dufil Prima Foods, said the slash in price is to increase patronage for the product while making it more affordable to consumers.