ISLAMABAD, Pakistan: In a move to protect the interests of farmers, the Federal Minister for Industry and Production Rana Tanveer Hussain on Tuesday directed the fertilizer companies to immediately reverse the recent increase in urea prices.
While chairing an emergency meeting held with representatives of fertilizer companies including Fauji Fertilizer Company Limited, Engro Fertilizer Private Limited, and Fatima Fertilizer Company to discuss the sudden price hike, the minister rejected the fertilizer companies’ justification for the price increase, citing no change in production costs.
The minister emphasized that the government’s top priority is to protect farmers’ interests and ensure the uninterrupted supply of urea during the upcoming Kharif season.
The fertilizer companies sought time of three days to reverse the decision to grant relief to farmers.
The minister highlighted that the government has decided to import 200,000 metric tons of urea.
Further, even 500,000 metric ton of urea would be imported if needed to meet local demands.
Rana Tanveer directed all provinces to stop hoarding and illegal profiteering of urea fertilizer, adding that fertilizer companies share urea fertilizer distribution plan every month in advance.
The minister asked Fertilizer companies that all stakeholders should be consulted before increasing urea fertilizer prices in future. He stressed that increase in price of urea fertilizer without increase in cost of production is not acceptable.
The Secretary Industry and Production Wasim Ajmal Chaudhry also attended the meeting.
