IPL reduces potash prices by Rs 200 a bag

The country’s largest potash firm Indian Potash Ltd (IPL) on Monday announced cut in prices of fertiliser  muriate of potash (MoP) by Rs 200 to Rs 550 per bag of 50 kg with an immediate effect.

This is the second time in less than one month the company had reduced the MoP prices to a five year low level.

"IPL has further reduced the potash prices by Rs 200 per bag. We have passed on the benefit of lower import price obtained by the company to the farmers in full. It was required as country has witnessed two years of consecutive drought," company's managing Director P S Gehlaut told PTI.

He informed that IPL has concluded an agreement for import of MOP with Belarusian Potash Company, owned by the Government of Belarus.

The contract quantity is seven lakh tonnes at a price of USD 227 per tonne with 180 days credit.

The company hopes the substantially reduced price of MOP will be affordable to the farmers battling drought and this will give a big fillip to the balanced use of fertilisers in the interest of the agriculture, Gehlaut added.

Potash is one of the essential nutrient for soil and helps in enhancing crop resistance towards heat and drought at the same time it also makes plants strong.