Engro Fertilizers reduces urea prices by Rs.240

F.P. Report

KARACHI: Engro Fertilizers reduces urea prices by a further Rs 240 to ensure national food security and support the farmers of Pakistan.

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 Fertilizers remains committed to the alleviation of adverse impact of this global pandemic on our nation, in particular the agriculture sector which remains the largest driver of employment in our country. The Company hereby announces a further reduction in urea prices by Rs 240/bag. This additional price cut would result in an overall price reduction of Rs 400 per bag since the beginning of the year.

With the outbreak of COVID-19, Pakistan’s farmers are facing unprecedented challenges. In this difficult time, Engro Fertilizers stands firm with the people of Pakistan and the Government to prioritize the sustainability of agriculture sector to ensure our nation’s food security. In this pursuit, the Company has made an additional price reduction to support our valued farmers in these trying times.

Earlier this year, Engro Fertilizers became the first Company to fully pass on the benefit of revision in GIDC rates by announcing a price reduction of Rs 160/bag. With that price reduction, Engro 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 Rs 240/bag, the dealer transfer price of Engro Fertilizers urea bag will be around Rs 1,600.

For over 50 years, Engro Fertilizers has been a trusted partner of Pakistan’s farmers and has ensured the availability of locally manufactured, affordable urea. This latest price reduction is in line with the Company’s purpose as articulated in its Central Idea of addressing the most pressing issues of our time. COVID-19 is a national crisis and Engro Fertilizers is responding to it by supporting the Government’s priority of sustaining the agriculture sector of Pakistan.