Relief for growers: Urea price slashed by Rs114 per 50kg

After successful talks with govt, fertiliser companies agree to print price on urea bags from March 1.

ISLAMABAD:

The government and fertiliser companies on Friday reached an agreement to reduce the price of urea from Rs1,900 to Rs1,786 per 50kg bag with immediate effect. The agreement was reached in a successful four-hour meeting held at the ministry of finance between cabinet members and representatives of fertiliser companies.

Finance Minister Ishaq Dar represented the government. He was assisted by Federal Minister for National Food Security and Research Sikandar Bosan and Federal Minister for Petroleum and National Resources Shahid Khaqaan Abbasi.

It was also decided that fertiliser companies would print the price of urea on the bags with effect from March 1, 2014.

The fertiliser companies had increased the urea prices on January 1, 2014, and the Economic Coordination Committee (ECC) had taken notice of the development in its meeting held last Wednesday. Subsequently, PM Nawaz Sharif directed that the fertiliser companies should be engaged to protect the interest of farmers.



At the meeting, the finance minister said that the government gave priority to the agriculture sector and would protect the interest of farmers and the common man. He also thanked the fertiliser companies for their understanding and cooperation and assured them of all-out support as part of the government’s policy to support business, trade and industry in the country.

Published in The Express Tribune, January 11^th, 2014.