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Site update: April 23 2019, at 14:30 PKST
Stock update: April 22 2019.

Recent Financial News in the 'fertilizers' category

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Thursday, April 04 2019

ECC approves immediate import of 100,000 tonnes of urea
ISLAMABAD - The Economic Coordination Committee (ECC) of the Cabinet on Wednesday approved immediate import of 100,000 tonnes of urea in order to facilitate the farmers. Finance Minister Asad Umar chaired a meeting of the ECC. The Industries and Production Division briefed the Committee about the availability of urea in the country. In order to facilitate the farmers and meet their urea’s demand, the Committee approved immediate import of 100,000 tonnes of urea. Besides, it decided to allow additional import of Urea in the event of any demand-supply gap. The ECC directed the Ministry of Industries and Production to review the price mechanism of fertilizer industry for ensuring provision of urea to farmers at cheaper rates. The Committee directed the relevant institution to check market manipulation activities in the fertilizer sector and use all the powers available under the law to penalize such behaviour. The Committee was apprised by the Industries Division about the status of NAB cases against seven persons involved in corruption in Pakistan Steel Mills. Interior Division informed the meeting that the name of seven persons had been recommended for placement on Exit Control List (ECL).
Related news categories: business chemical economic-indicators fertilizers misc

Wednesday, March 27 2019

Urea prices rise
LAHORE: In contrast to government’s plans of providing relief to farmers, urea fertiliser prices have gone upwards thrice during the first eight months due to factors like gas price increase, withdrawal of subsidy, change in dollar-rupee parity, inflation and other related costs. According to manufacturers, the price of urea was Rs1,790 per bag in June 2016. In the 2016-17 budget, the government, with support from local fertiliser industry, reduced urea price by Rs390 and capped it at Rs1,400 per bag. The downward adjustment in price was made through reduction in General Sales Tax by Rs184, Rs156 subsidy, and voluntary contribution of Rs50 by the industry. However, in 2017-18 budget, the government reduced its subsidy contribution from Rs156 to Rs100 per bag, forcing the local industry to bear the additional burden of Rs56 per bag. In total, the industry’s contribution stood at Rs106 per bag.
Related news categories: business chemical economic-indicators fertilizers misc

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