The IFFCO chief said, farmers will not have to pay the revised prices as 11.26 lakh metric tonnes of complex fertilizers in the existing stock will be sold at the old rates.
IFFCO, India’s largest fertilizer manufacturer, has influenced the sharp rise in fertilizer prices, as well as di-ammonium phosphate (DAP) price increase by 58.33%, and its CEO took this step citing the government Criticized. Fall in prices and rise in global raw material prices.
The IFFCO chief, however, said that the farmers would not have to pay the revised prices as the existing stock of 11.26 lakh metric tonnes of complex fertilizers would be sold at the old rates. In fact, he said the new prices were ‘only temporary’ and are used for printing on bags for fresh production of fertilizers.
“Newly priced content is not for sale to anyone,” said US Awasthi, managing director and CEO of IFFCO. The new prices are to start from 1 April, revising the maximum retail prices of various products shipped on 7 April by the marketing services department of the cooperative firm.
The development acknowledges importance after voting is over in four assembly elections, and a section of farmers are opposing the government’s new agricultural laws, as higher fuel prices are feeding into higher retail inflation.
In addition to a more than 58% increase in DAP, new retail prices for various formulations of NPK (nitrogen, phosphorus, potash and sulfur) fertilizers were raised from about 46% to 51.9%.
Responding to the backlash on social media, Mr. Awasthi wrote a series of tweets on Thursday afternoon to defend the move. “We at #Ifco, take strong objection to tweets, linking news to any political party or government to increase the price of complex fertilizers. They are uncontested. He said that there is no affiliation with any political party or government (sarkar).
Stating that complex fertilizer prices reported by IFFCO are ‘temporary’, Mr. Awasthi said that international prices of raw materials have not been finalized yet, but in fact, international raw material prices are seeing a spurt. . ‘
“As a manufacturing unit, IFFCO had to print the cost on bags for dispatch of new material by our plants. The price mentioned in the letter is only the temporary cost mentioned on the bags which is a mandatory requirement, ”he said.
“IFFCO ensures that there is sufficient material with old rates. I have instructed our marketing team to sell only pre-packaged material to farmers with old rates. We always decide on the first approach of the farmer, ”concluded Mr. Awasthi.
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