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Huge gap in import, production, sale prices of urea

BCIC incurs Tk 483cr loss in 9 months

By Govinda Shil
The Bangladesh Chemical Industries Corporation (BCIC) incurred a loss of Tk 483.48 crore from sales of urea fertiliser in the first nine months of the current fiscal year.
The loss was accrued due to a huge gap in import, production and sale prices, official Sources said.
According to sources. BCIC imported 3.50.000 metric tons of urea at a price of Tk 342.51 crore but sold it al Tk 130.38 crore incurring a loss of Tk 212.13 crore.
They said another Tk 271.35 crore loss was incurred by selling 21.10,000 metric tons of urea fertiliser below the cost of production.
According to BCIC. the cost of production of one ton of urea is Tk 5.011 while its sale price is Tk 3.725. The BCIC urea factories are running below the break even point by Tk 1.286 per ton.
Sources said Bangladesh's urea prices are amongst the lowest in the world. Urea prices in the east and west Europe vary
between Tk 5.600 and 6.600. in Indonesia, it is Tk 7.000 and in China fk 7.600 per ton.
The import cost of urea from USA is estimated at Tk 8905 per ton. The price of one ton of this sojl nutrient in India is more than Tk 5.000 and in Myanmar more than Tk 10.000.
We have no way out but to increase the price of urea to help sustain our fertiliser factories." said a senior official of BCIC who preferred anonymity. Dependence on urea importation will create a heavy burden on the economy in the long riin. "How long the government will keep on giving high subsidies on fertiliser?" ne asked.
Referring to normal price rise of urea in the early years of 1990s. the official pointed out that farmers were accustomed to the situation. But the government decision to cut the prices in 1993 and 1994 from Tk 4.725 to 3.725 per ton had no valid grounds." he said.
Maintenance and replacement of machinery of the fertiliser plants could not be done
properly as these are suffering from chronic fund crisis. Some of the machinery have already become obsolete.
The government invested more than Tk 4.000 crore in six of the corporation's fertiliser factories since independence. The production and sale of fertiliser is considered to be the life-line' of BCIC.
Of the total BCIC output, fertiliser contributes to more than 66 per cent while in terms of capital investment it counts more than 75 per cent.
Officials suggested review of the present urea prices in line with the production cost. "At least we should be able to operate at the break even point.' said another official.
BCIC officials said the country will require more factories either in public or private sector to meet the ever-increasing demand for chemical fertiliser. But unless the prices are determined on the basis of market forces, private sector investors would not come forward.