Fertilizer companies to be restricted from undue profit: Minister

May 09, 2024 (MLN): The Federal Minister for Industries & Production Rana Tanveer Hussain on Wednesday said that fertilizer companies must not be allowed to take undue profit, said a press release issued on the same day.

Steps should be taken to ensure uniform price of the urea fertilizer across the country for the convenience of farmers, he directed while chairing a meeting of the Fertilizer Review Committee.

Besides the Federal Secretary of Industries and Production and agriculture secretaries of the four provinces, the representatives of Fauji Fertilizer Company Limited, Engro Fertilizer Company, Fatima Fertilizer Company and Kisan Ittehad attended the meeting.

The Minister regretted that the fertilizer companies had raised the prices of urea without realizing the plight of farmers.

He asked the companies to roll back the recently increased urea prices on their own, or otherwise the government would fix the same.

The Minister said that as per report of the competition commission of Pakistan, the fertilizer companies are already earning huge profit as there profit margin is quite high in comparison to the production cost.

‘They should pass on benefits to the farmers?’ It was suggested by the forum that all the fertilizer companies and dealers should charge same price of the urea, he reaffirmed, adding the government had decided to get conducted third party audit to determine their cost of production and profit margin.

The Federal Minister said the government was committed to ensure uninterrupted supply of gas to the fertilizer industry.

Copyright Mettis Link News