Egypt increases price of subsidized fertilizer
Date
11/22/2021 2:26:16 PM
(MENAFN- Brazil-Arab News Agency (ANBA))
Cairo – The Ministry of Agriculture and Land Reclamation of Egypt announced the increase of subsided prices of nitrogen fertilizers by EGP 1,200 (USD 76) a tonne, from EGP 3,300 (USD 210) to EGP 4,500 (USD 286). Pictured above, agricultural production in Egypt.
Minister Alsayid Al-Qaseer announced a series of decisions taken last week by the Cabinet of Egypt in a meeting led by prime Minister Mostafa Madbouly aiming at regulating the distribution of fertilizers. The measures have in views meeting the farmers' needs of subsided nitrogen fertilizers, keep industrial production going and striking a balance between the interests of farmers and producers, thus assuring the product's supply.
Producers will be required to direct 55% at the subsidized price of EGP 4,500 (USD 286) instead of EGP 3,300 (USD 210) to the fertilizer distributors of the Ministry of Agriculture, Al-Qaseer was quoted as saying. The percentage accounts for 3.7 million tonnes a year, thus meeting domestic needs and farmers' needs, too. The companies will also be required to direct 10% of their production to free price sales in the domestic market to meet the needs of companies and farmers with large areas.
According to the minister, another series of measures was put into place to assure the commitment of companies with the supply of the prescribed quota, as well as the arrival of the product to those in need. The measures taken include the requirement that the Ministry of Petroleum and Mineral Resources supply the Ministry of Agriculture with a monthly statement of the amount of natural gas used in the fertilizer production process, thus allowing to calculate the monthly volume of production of companies, based on which it'll be determined the part to be directed to the domestic market.
Exports
The ministry added that the Egyptian Customs Authority will not allow fertilizer exports unless they present a letter of the Ministry of Agriculture reporting that they are no required to supply a subsided quota beyond the free percentage to be cleared to export under a limit of 35% of their production.
Translated by Guilherme Miranda
©Mohamed El Shahed/AFP
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