The federal government has asked Fauji Fertilizer Company Limited (PSX: FCC) to explain why it raised urea prices on April 9, 2024.
Vice President JS Global Waqas Ghani told ProPakistani that the Ministry of Industries & Production has asked FFC to submit the rationale behind the recent Rs. 663/bag increase in urea price, taking it to Rs. 4,400/bag from April 9, 2024. The query arises on the back of no rise in input costs for FFC (especially gas prices) that may justify the same.
According to sources, FFC has been requested to provide convincing justifications for the price adjustment, where failure to do so may lead to administrative measures by the Ministry under Section 5 of the Price Control and Prevention of Profiteering and Hoarding Order, 2021.
To recall, Engro Fertilizers (EFERT) had increased its Urea price to Rs4,649/bag, post increase in gas prices. After that, an anomaly was created in the fertilizer sector, where FFC was selling Urea at Rs3,767/bag due to no increase in gas prices.
Federal government has requested….😜😄😁😆
If the opponent is common industrialist then government raided and confiscated all goods,but if the opponent is 🥾then government has requested
Engro is already selling t a rate 4649 than what justification they have to ask for increase 4400 from FFC . Engro is not under…
They r making rather minting, regardless of of our farmers also as thier agents r also shake hands with them and donot sell urea alone unless they buy other usefull products with hefty prices,they all shd b penalized accordingly with big fines
Government demanding explanation from Fauji Fertilizer? It should have been the other way around.
The next day the headline will be, ” the government apologises Fauji Fertilizer for its inadvertent mistake’ ………..
The very name,”FAUJI” is good enough rationale behind price hike