Urea price decontrol has been put off till the next fiscal, finance ministry officials have told CNBC-TV18’s Aakansha Sethi. This information comes at a time when the Group of Ministers (GoM), including Union agriculture minister Sharad Pawar, oil minister Murli Deora and planning commission deputy chairman Montek Singh Ahluwalia met and decided to ask the committee of secretary's to delve into the matter.
The urea policy has been kept unchanged as of now, said fertiliser secretary S Behuria. "The department would form a committee to look into nutrient-based subsidy (NBS) for urea and on the recommendations made by the committee, the GoM will decide on the policy," he added.
Sources from the finance ministry say that the decontrol of urea prices may take place only next fiscal. However, diesel price deregulation may be held off till February, sources add.
Most analysts expected the government to go ahead with New Pricing Scheme (NPS) III policy. They also expected clarity on the modified NPS policy—an additional payment of Rs 350 per tonne on existing fixed costs. The current fixed cost varies between Rs 2,300 per tonne to around Rs 4,500 per tonne.
With the introduction of the nutrient-based subsidy scheme, with effect from April this year, the government has already freed potassic and phosphetic fertilizers. However, in relation to urea, including its price and movement, it is still controlled by the government. Urea constitutes almost 50% of the country’s fertilizer consumption.
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