Timely price cut for fertilisers
CONSEQUENT on Newport-Fersan (Jamaica) Limited’s announcement last week of price cuts on a number of fertilisers, Minister of Agriculture and Fisheries Pearnel Charles Jr has welcomed the move, calling it timely.
According to a press release from the Ministry of Agriculture and Fisheries, the price reduction will result in “more relief for farmers”, who will see an average fall in prices between two and 11 per cent on traditional standard NPK (nitrogen, phosphorus and potassium) granular fertilisers.
Newport-Fersan on November 9, 2022, announced that it would slash the ex-factory prices of a range of fertilisers by up to 11 per cent in keeping with its policy of adjusting prices either downwards or upwards based on fluctuations on the world market.
Ex-factory means that buyers agree to purchase fertilisers at the factory rate and is responsible for transportation of the commodity.
“This adjustment will also be extended to our booster line of improved fertilisers, whose prices will be set between three per cent and 14 per cent below some of the most popular blends,” Newport-Fersan outlined further.
Portfolio minister for agriculture Charles Jr, in his response to Newport-Fersan’s announcement, said the price adjustments “will help to cushion the impact of getting back into the fields at a quicker pace following the recent effects of adverse weather systems”.
“As farmers get back into production quickly, this may mitigate price increases on crops and supply concerns of scarce produce. With our thrust for improving food security depending heavily on our farmers producing what we eat, the Ministry of Agriculture and Fisheries continues to work tirelessly to provide support for our farmers during this critical time,” he continued.
To this end, Charles Jr said the reduction in fertiliser prices will significantly contribute to rising production levels, adding that his ministry anticipates “more news of this kind from other suppliers in the sector”.
The rising production level to which the minister referred is, according to him, a 17.4 per cent increase in agricultural output in the third quarter of 2022.
