Egypt considers raising subsidized fertilizer prices by up to 30%
Updated 7/22/2024 7:19:00 AM
Arab Finance: The Egyptian government is looking into raising the prices of subsidized fertilizers by up to 30% to roughly EGP 6,250 instead of EGP 4,800 per ton, a government official told Asharq Business.
This is an attempt to address the significant spike in production costs over the past period, the official noted.
The official highlighted that all fertilizer firms had filed complaints and requested price increases for the subsidized fertilizers given to farmers in the country due to the high cost of fertilizer production in factories recently.
He disclosed that the government is still working on the recommendation to raise fertilizer prices by 25% to 30% before deciding how to fairly compensate farmers for the increase in pricing.
It is worth noting that the government requires fertilizer producers to subsidize 55% of their production for the Egyptian Ministry of Agriculture to meet domestic demand in return for permission to export the remaining quantities.
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