Federal Minister Rana Tanveer, who is in charge of Industries and Production, directed the fertilizer company to reverse its recent price hike on green urea.
Federal Minister for Industries and Production Rana Tanveer noticed that the price of urea had gone up and told the fertilizer company to cancel the increase. The company had raised the price by 561 rupees per bag.
Rana Tanveer Hussain, the Federal Minister for Industries and Production, suggested on Thursday that the country import 200,000 metric tons of urea fertilizer to ensure stable prices and sufficient supply for the Kharif season in 2024.
This recommendation came from the Fertilizer Review Committee meeting, where they reviewed consumption trends, current stock levels, and future requirements for the Kharif season in 2024, according to a press release.
Rana Tanveer Hussain stated that the fertilizer company must give a valid reason for suddenly raising the price of green urea. He pointed out that gas prices for the fertilizer industry haven’t gone up recently, so a price hike without any increase in gas costs is both unacceptable and unjustified.
The Federal Minister for Industries and Production made it clear that if the fertilizer company doesn’t offer a clear explanation, the Ministry will step in to set the prices according to the relevant regulations. He emphasized that making unfair profits from urea fertilizer will not be allowed.
Read Also: Sindh Government Announces Public Holiday on May 1st
The minister noted that the demand for urea fertilizer has risen by 3.6 percent compared to last year, with an estimated need of around 3,442 metric tons for the Kharif season. However, the current stock in the country is about 3,192 metric tons, leading to a shortfall.
To address this gap, the government plans to import 200,000 metric tons of urea fertilizer. The remaining shortage will be covered by boosting production at local fertilizer plants.