Because of imported urea, government is forced to jack up prices of domestic urea with an immediate effect
ISLAMABAD: While approving additional funding of Rs250 million for the Intelligence Bureau (IB), the Economic Coordination Committee of the Cabinet (ECC) has granted its assent for jacking up the price of different urea/fertilizer bags in the range of Rs159 to Rs171 per bag.
Because of the imported urea, the government is forced to jack up the prices of domestic urea with an immediate effect.
According to an official announcement after the ECC meeting by Finance Ministry, the summary of Ministry of Industries and Production for the approval of mechanism for sale of imported urea at a basket price, along with locally manufactured urea, was discussed at length. The ECC approved the mechanism for weighted average price with the direction to NFML for ensuring reasonable price for urea and Ministry of Industries & Production to provide an oversight to the whole process.
The Price of Agritech was proposed at Rs4,095 per bag from the existing price of Rs3,936 per bag. The Engro price was proposed to be jacked up from 3,766 per bag to Rs3,595, FFC price up to Rs3,766 from Rs3,595 per bag, FFBL up to Rs4,139 from Rs3,981, Fatima price up to Rs3,839 from Rs3,671, Pak Arab price up to Rs4,095 from Rs3,936 per bag and Fatima (SHP) up to Rs4,095 against Rs3,936 per bag.
The ECC considered and approved the summary of National Health Services Regulation and Coordination for provision of Technical Supplementary Grant (TSG) amounting to Rs3,568.719 million in favour of the Federal Directorate of Immunization (FDI) and urged the provinces to clear their pending liabilities.
The ECC also considered the summary of Finance Division for signing the addendum to the Subsidiary Grant Agreement (SGA) regarding financial inclusion & infrastructure project and exemption from relending policy of release of funds to the State Bank of Pakistan and accorded its approval.
A summary from the Ministry of Inter Provincial Coordination was also tabled for approval of release of grant for participation of Pakistan’s hockey team in international events and other sports promotion activities. This grant, ECC was told, would also be utilised for Davis Cup (Tennis) with India and other mind games like scrabble and chess.
The ECC approved provision of additional funds amounting Rs100 million as Technical Supplementary Grant (TSG) for FY2023-24.