Engro Fertilizers raises urea price by Rs740 amid gas hike

MG News | March 01, 2024 at 11:20 AM GMT+05:00

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March 01, 2024 (MLN): Engro Fertilizers Limited (PSX: EFERT) has increased the dealer transfer price of Urea by Rs740 per bag, less than market expectations.

While the company kept the price of imported urea unchanged.

The increase, effective March 01, follows a Rs1,350 hike by Fauji Fertilizer Bin Qasim Ltd. last month.

Gas prices for fertilizer makers on the Sui Northern Gas Pipelines Ltd. and Sui Southern Gas Co. have surged 2.75x, while those on the Mari Petroleum Co. network remain subsidized.

This has created price distortion with multiple urea prices and provided the middlemen an opportunity to pocket as much as Rs100 billion in profits, according to analysts.

It is important to note that Engro has not increased the selling price of imported urea to facilitate the government in providing support to farmers.

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