Government's expenditure on fertiliser subsidy has increased four times to Tk 300 billion in the ongoing financial year (FY '22) amid a volatile global market.
Agriculture Minister Dr Muhammad Abdur Razzaque disclosed this on Tuesday at a press briefing, organised by the agriculture ministry at its office in the city to inform the media about the demand and supply conditions of fertiliser in the country.
The minister said the government had kept the prices of fertiliser static even though its import costs soared three to four times in the global market.
A total of 6.3 million tonnes of fertiliser, including 2.6 million tonnes of urea, 1.5 million tonnes of DAP, 0.7 million tonnes of TSP, 0.75 million tonnes of MOP, and 0.55 million tonnes of Gypsum, will be needed in the upcoming fiscal year, said Dr Razzaque.
Despite such pressure of high expenditure, the government has kept the retail prices of fertilisers unchanged in a bid to maintain a sound growth of crop production, the minister told the press.
He claimed the country had enough stocks to meet the demand for now.
The government's incentive for fertilisers this fiscal is Tk 300 billion, which was Tk 77 billion last year, said Dr Razzaque.
The minister said the government had kept prices of urea, TSP, MOP and DAP, respectively, at Tk 16, Tk 22, Tk 15 and Tk 16 a kg for the last few years.
"Despite all odds, we will import fertiliser from all possible channels for the next financial year to maintain a sound supply of the input like this year," he added.
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