ISLAMABAD: Engro Fertilisers on Tuesday announced a further reduction in urea prices by Rs240 per bag amid coronavirus crisis that is impacting Pakistan’s economy.
This additional price cut would result in an overall price reduction of Rs400 per bag since the beginning of the year, a company’s statement said.
“The global COVID-19 pandemic poses a significant challenge to not only global, but also national economic prosperity. As one of Pakistan’s most responsible companies, Engro Fertilisers remains committed to the alleviation of adverse impact of coronavirus on our nation, in particular the agriculture sector, which remains the largest driver of employment in our country,” the company stated.
It said with the virus outbreak, Pakistan’s farmers are facing unprecedented challenges. In this difficult time, Engro Fertilisers stands firm with the people of Pakistan and the government to prioritise the sustainability of the agriculture sector to ensure the nation’s food security.
“In this pursuit, the company has made an additional price reduction to support our valued farmers in these trying times,” the statement read.
Earlier this year, Engro Fertilisers became the first company to fully pass on the benefit of revision in the Gas Infrastructure Development Cess (GIDC) rates by announcing a price reduction of Rs160 per bag.
With that price reduction, the company has passed on more than the entire impact of reduction in GIDC given the company’s particular gas mix, which varies significantly from other players in the industry.
After this additional price reduction of Rs240 per bag, the dealer transfer price of Engro Fertilisers urea bag will be around Rs1,600.
