Engro Fertilizers Limited (EFERT) has announced a massive increase of Rs. 350 per bag in urea prices with other manufacturers are expected to follow suit.
Ismail Iqbal Securities said in a tweet that EFERT has increased urea price by Rs. 350 per bag, effective from 1 July 2022. After this hike, Engro Urea MRP stands at Rs. 2,200 per bag.
JUST IN: Engro Fertilizer increased Urea price by Rs. 350/bag
As per our channel checks, Engro Fertilizers Limited has increased Urea price by Rs. 350/bag effective from July 01,2022. After this increase, Engro Urea MRP stands at Rs. 2,200/bag.
— Ismail Iqbal Securities (@iispl_sec) June 30, 2022
This price increase follows the recent amendment in the Finance Bill, under which the government has exempted all fertilizers from a two percent sales tax on output.
As per the company’s communication to dealers, the price of urea has been increased to pass on the additional costs resulting from rising fuel prices, the devaluation of the rupee, and changes in GST regulations.