Farmers to see cuts on fertilizer
Farmers across the island should see a 10 percent reduction in the price of all grades of fertilizer as of next week.
Agriculture Minister, Dr. Christopher Tufton said the government promised $70 million subsidy to be disbursed to fertilizer manufacturer, Newport Fersan.
General Manager of Newport Fersan, John Allen, explained that the manufacturer would deduct 10 percent of the cost of the fertilizer before the commodity leaves the company.
This means that distributors will only pay 90 percent of the market value of the product.
In order to prevent hoarding of the product and a run on the plant, the General Manager said credit limits which were previously imposed on retailers based on trading relationships, will remain.
Currently, fertilizer is in high demand by farmers and retails between $2, 200 and $2, 600 per bag.
The government had put in place subsidies after there was an increase in the price of the product.