FMPAC fearing considerable rise in urea prices  

LAHORE – Fertilizer Manufacturers of Pakistan Advisory Council (FMPAC) is fearing considerable rise in prices of urea if the government implemented the decision of recovering GIDC from fertilizers companies within 24 months. Brig(R) Sher Shah Malik, Executive Director FMPAC, said that the fertilizer industry is making efforts to get to a workable solution but the government is refuting any proposal. He warned that with the legal battle continuing, it is evident that if the court’s decision is implemented as such and no relief is offered, the industry will face serious consequences. Recently, after deliberations the government endorsed the industry’s point of view on GIDC and thereafter issued the “GIDC Ordinance 2019”. Now after the Supreme Court decision the sudden lack of understanding with the fertilizer sector by the government has shattered the industry’s confidence. Industry has requested the government to first utilize already collected GISC of more than rupees 295 billion for the proposed development of gas infrastructure but apparently, the funds collected by the previous governments in this head were utilized elsewhere and are no longer available. The government has accused industry of having high profitability margins which is wrong, he said.

Article source: https://nation.com.pk/24-Sep-2020/fmpac-fearing-considerable-rise-in-urea-prices