Federal and Nexen Announce Price Increases

Federal and Nexen have announced price increases of up to five and 7 per cent respectively. Federal explained that some the announced price increases already took effect on the 1 April 2005.

Raw material price increases, rising energy and fuel costs, higher transportation costs as well currency appreciation have been cited as reasons for the price hike.

According to Federal, “the present price increase does not fully absorb and reflect its increase in costs.” The company has yet to decided whether or not there will be further price increases in the third quarter.