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Sunday, 20 November 2016

Gov’t refuses to increase fertilizer prices

The Agriculture Ministry refused to increase the prices of fertilizers by EGP 500 per tonne, Al Mal reported. The seven fertilizer manufacturers operating domestically had petitioned the government to increase the price of urea fertilizers to EGP 2,500 per tonne and EGP 2,200 per tonne following the EGP float. The producers say they used to buy natural gas from the government at USD 4.5 per mmBtu, an actual cost that nearly doubled after the flotation. The market has a total production capacity of 12 mn tonnes of urea, of which 8 mn tonnes are subsidized and allocated to domestic consumption.

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