Guinness Nigeria, International Breweries Announce Price Increase

Dike Onwuamaeze

Guinness Nigeria Plc and International Breweries Plc have announced an upward increase in the prices of their beer, malt and other range of products.

The ascribed the latest price increase to rising cost of production and cost of doing business.

Guinness Nigeria said in a notice titled, “Price Increase by Guinness Nigeria Plc – Selected Brands,” which was signed by its Ag. Commercial Director, Mr. Olusanya Adesanya, that the new range of prices would take effect from today.

Guinness stated: “Following the prevailing economic realities which have impacted significantly on the costs of our production materials and cost of doing business, this is to inform you that we plan to take a price increase on selected SKUs in our Beer and MSS category.

“This new price structure will be effective from Wednesday, March 13, 2024, (Go-Live date) and further details will be communicated subsequently.”

Guinness further told its customers to, “please note the following conditions regarding the price increase.

“Maximum purchase volume before price increase at old pricing is capped at one-week depletion subject to stock availability.

“Maximum of one-week depletion can be bought using credit funding.

“Orders not backed by cash or credit funding at the effective date of PI, will be cancelled and re-invoiced at the new price.

“Products ordered during communication and PI window of March 06, 2024 to March 12, 2024 and not paid for when due will be cancelled and be re-invoiced at the new price.

“All open orders and blocked orders shall be cancelled upon this communication and only approved allocated orders will be shipped at old price prior to effective PI date (Go-live date).

“All open orders at Go-live date will be invoiced at old price. Orders not funded by Tuesday March, 12, 2024, will be cancelled.

“Any exception to the above must be approved by commercial director.

“Whilst appreciating your valued partnership, please be assured of our commitment to continue to support your distribution efforts as usual.”

It also urged customers to contact their business development managers and heads of division for further clarification.

 Affected products are Guinness Stout, Guinness FES, Guinness Smooth, Malta Guinness, Dubic Malt, Smirnoff Ice, Orijin, Orijin Bitters, Gordon’s Pink Berry, Gordon’s Sunset Orange, Gordon’s Moringa Citrus, Smirnoff X1 Smooth and Choco, Captain Morgan and Orijin Herbal Gin.

Similarly, International Breweries Plc in a notice titled, “Price Review: Beer and Malt,” stated that, “due to escalating costs impacting our business, we decided to review prices in our portfolio.”

The notice, which was signed by its District Manager, West, Mr. Hans Darfour, noted: “All orders created in the system before 23:59 hours of February 29, 2024, will be charged at the current prices.

“All invoices issued by (or after) 00:00 hours of March 1, 2024, will have the new prices, without any exceptions.

“The price on the invoice will depend only on time and date of invoicing, regardless of when the order was placed.

“In conclusion, we urge all our business partners to follow this price chain to keep up with the excellent sales growth in past months and, at the same time, maximise your profits.”