Urea prices in Pakistan go up by Rs300/50kg bag
STAFF REPORT IBD: The urea prices have gone up from Rs 1300 to Rs 1600 per 50kg bag in the country when the Economic Co-ordination Committee (ECC) of the Cabinet, met last week, approved increase in its prices.
The ECC, presided over by Finance Minister Dr Abdul Hafeez Sheikh, also approved exemption of 16 per GST on the fixed charge of hydroelectric power, and a loan of Rs 6.1 billion for Pakistan Railways.
According to source, the government would give a subsidy of Rs 2.720 billion on account of price differential of Rs 100 per 40kg on the sale of wheat to private sector.
A summary, moved by the Ministry of National Food Security and Research, requested the ECC to allow the sale of one million tons of wheat at the rate of Rs 950 per 40kg to private parties and a subsidy at the rate of Rs 6045/ton may be picked up by the Finance Division as early off-loading of surplus stock is crucial due to shortage of storage capacity and rising cost of mark-up.
According to an official, Pakistan may import iron ore and fertilizer from Iran against the export of one million tons of wheat.