Government studies increasing fertilizer prices
Seven fertilizer manufacturers are meeting with government officials to discuss raising prices following the EGP float, which added EGP 1,000 in costs per tonne, Al Mal reported. The seven companies, which included Delta, Abu Qir, Helwan, MOPCO, AlexFert, and El Nasr, suggested increasing prices by EGP 500 per tonne. The state-owned companies sell urea at EGP 1,790, and nitrates at EGP 1,690 to agricultural co-ops, while their free market prices are EGP 2,200 and EGP 2,000 respectively. Additionally, exporting manufacturers will benefit from the float, while Abu Qir, which supplies domestic farmers, will incur annual losses of EGP 1.6-1.9 bn.