ISLAMABAD: In a move to protect the interests of farmers, Federal Minister for Industry and Production Rana Tanveer Hussain on Tuesday directed the fertilizer companies to immediately reverse the recent hike in urea prices.
The minister issued directions while chairing an emergency meeting with representatives of fertilizer companies, including Engro Fertilizer Private Limited, Fauji Fertilizer Company Limited, and Fatima Fertilizer Company, to discuss the sudden price increase.
Rana Tanveer Hussain rejected the fertilizer companies’ justification for the price hike, citing no change in production costs.
He said that the government’s top priority was to protect farmers’ interests and ensure the uninterrupted supply of urea during the upcoming Kharif season.
The fertilizer companies sought a time of three days to reverse the decision to grant relief to farmers.
Urea Imports
The minister said that the government has decided to import 200,000 metric tons of urea, saying that 500,000 metric tons of urea would be imported if required to meet local demands.
He directed all provinces to stop hoarding and illegal profiteering of urea fertilizer.
The minister asked Fertilizer companies that all stakeholders should be consulted before increasing urea fertilizer rates in future.
He emphasized that a price hike of urea fertilizer without an increase in the cost of production is not acceptable.
