Urea fertiliser prices to be reduced

Paddy farmers spray fertilizer

Several private fertiliser companies have decided to reduce the price of a 50kg Urea fertiliser bag by Rs. 7,500, Minister of Agriculture Mahinda Amaraweera said.

Thereby, the price of a 50kg bag of urea will be slashed from Rs. 18,500 to Rs. 11,000, private fertiliser companies have informed the lawmaker.

The development comes at a time, the Sri Lankan Rupee has been appreciating steadily against the US Dollar over the past few days.

The Sri Lanka Government secured the bailout package from the International Monetary Fund (IMF) on Monday (March 20).