Tax increases surge urea fertilizer by Rs.178/bag
ISLAMABAD: The rise in gas infrastructure development surcharge has led the hike of Rs 178 per bag in the price of Urea, ARY News reported.
With the increase Urea price in the domestic market has been increased by to Rs 1,900 per bag.
The federal government on Wednesday announced to increase Gas Infrastructure Development Cess (GIDC) on industrial gas consumers in line with IMF condition. GIDC on fertilizer feedstock has been increased by Rs 103 mmbtu and now it surged to Rs 300 mmbtu from Rs 197 mmbtu, while fuel GIDC went up by Rs 50 mmbtu to Rs 100 mmbtu.
Following the government's move, Engro Fertilizers Limited on Thursday announced to increase price of urea from Rs 1,722 to Rs 1,900 per bag.