COLOMBO (News 1st); The Department of Agriculture has ordered 2.1 million liters of Nano nitrogen liquid fertilizer from the Indian Farmers Fertiliser Cooperative in Gujarat.
500ml of the fertilizer was importantly at 12.45 USD, which is approximately Rs. 2,520.
However, the market value of the fertilizer in India stands at 3.23 USD, approximately Rs. 654.
Dr. Anil Yadav, the Subject Matter Specialist for the Indian Farmers Fertiliser Cooperative said the retail price for Nano Nitrogen Fertilizer is INR 240/-.
“In India, urea is highly subsidized. The Government is giving a lot of subsidiary on that, So we have to be competitive in the market, So we have priced 10% less than the current price of urea in the market,” he told News 1st.
Sri Lanka had paid Rs. 1,867 higher than the retail price in the Indian market for 500ml of fertilizer.
Accordingly, Sri Lanka will incur a total cost of approximately Rs. 7.8 billion additionally.
Mahindananda Aluthgamage the Minister of Agriculture said that following discussions, steps have been taken to reduce the price of fertilizer to 10 USD.
“We will try to reduce this further in the future. We are also aware that India has sold the fertilizer to us at a large profit margin. We are working with the High Commissioner to India to amend these rates,” he said.
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