ISLAMABAD: The government and fertilizer companies Friday reached an agreement to reduce the price of urea from Rs 1900 per bag to Rs 1786 per bag with immediate effect.
The agreement was reached after a successful four-hour meeting held at finance ministry between the government and representatives of the fertilizer companies.
Finance Minister Senator, Mohammad Ishaq Dar was representing the government, said a statement issued by the ministry adding he was assisted by Federal Minister for National Food Security and Research, Sikandar Bosan and Federal Minister for Petroleum and National Resources, Shahid Khaqaan Abbasi.
It was also decided that fertilizer companies shall print the prices of urea on the bags with effect from March 1, 2014.
It would be pertinent to mention here that the fertilizer companies had increased the prices of urea on January 1, 2014, and Economic Coordination Committee (ECC) had taken notice in its meeting held on Wednesday January 8, 2014.
Prime Minister Nawaz Sharif had issued directions that fertilizer companies should be engaged to protect the interest of farmers.
The Finance Minister while speaking at the meeting said that the government gives priority to agriculture sector and shall protect the interest of farmers and the common man.
The Finance Minister thanked the fertilizer companies for their understanding and cooperation and assured them of all support as part of governments policy to support business, trade and industry in the country.
Among others, the meeting was attended by Federal Secretaries of Finance, Food Security, Petroleum and Natural Resources, Advisor on Finance and senior government officials, Ruhail Mohammad, CEO-"Engro Fertilizer, Shahbaz Khan Manager Engro Fertilizer, Akram Durrani CEO Dawood Chemical, Moeez-ur-Rehman GM (Finance) Dawood Chemical, Lt. Gen. Naeem Khalid Lodhi CEO-FFCL, Shakeel Ahmad GM-FFCL, Aman Mir Sr. Manager-FFCL, M. Faisal Muzamal GM-AgriTech, Zahid Aziz Resident Manager AgriTech, Iftikhar Baig Pak Arab fertilizer, Fazal Ahmad Shaikh Fatima Fertilizer and Syed Aamir Ahsan MD-FFBL.
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