Gas prices for fertilizer firms to be cut

The government will soon cut the prices of natural gas supplied to fertilizer companies in a bid to reduce selling prices of fertilizers to end users, the farmers, according to the results of the weekly economic ministers meeting on Monday.

"The high prices of gas for the fertilizer industry has pushed up prices of urea fertilizer at the retail level and thus, farmers are facing difficulties to increase their income level," said the summery of the meeting, made available to local media on Tuesday.

The prices of natural gas sold to local fertilizers currently stay at between US$1 and $2 per Million British Thermal Unit (MMBTU), far higher than the prices in other gas producing countries of between $0.50 and $1.20 per MMBTU. (*)