KARACHI: The United Business Group (UBG) of the Federation of Pakistan Chambers Of Commerce and Industry (FPCCI) on Wednesday pressed for a cut in the price of locally produced urea to boost agricultural production.
The difference in the price of a 50-kg bag of locally produced and imported urea is Rs200 which should be rationalised in the interests of the agriculture sector, it said.
In a statement, UBG Chairman Iftikhar Ali Malik said that producers must reduce their profit margin to benefit growers. Malik said that the government can also think about revising sales tax and Gas Infrastructure Development Cess (GIDC) to make locally produced fertiliser cheaper.
In a recent meeting of the National Assembly’s Standing Committee on Industries and Production, it was alleged that urea manufactures earn up to Rs30 billion in profits due to overcharging.
Source: The Express Tribune