In a release, the company listed several factors, including the increasing cost of raw materials used in the manufacture of malts and soft drinks, coupled with increases in "practically" all areas of its operations.

It said the steep movement in the Pound sterling as against the US Dollar, realising a 10 per cent increase, had raised the cost of malts and sugar to a level that the company cannot absorb.

Banks DIH also listed the increased cost of packaging material, fuel, manpower resources and chemicals among the contributory factors.

Others are the increase in tariffs for electricity on more than one occasion, which impacted heavily on the cost of production and the effect of the shift in consumption from Glass to Pet products coupled with heavy investment in new machinery to satisfy the demand for Pet products.

Banks DIH said it had in November 2001, reduced prices in order to compete with imported products and retrieve market share.

It said it was also averse to a move by importers of beverages some months ago to increase their prices, but now has no alternative due to the escalating costs.

The company, which pointed out too that its main competitor had also recently upped the prices on its beverages for similar reasons, added that since the Consumption Tax payable to the Government is based on the selling of its products, Banks DIH will automatically be paying the Guyana Revenue Authority an average of $10M more per month in addition to the $204 M currently being paid.

The company's recommended new retail prices are:
** Banks Beer, Malta and Milk Stout - $115;

** Guinness - $155;
** glass Bottles, 10 oz Coca Cola, I-cee, Fanta - $35 per bottle;