Newport-Fersan (Jamaica) Limited (NFJ), the island's sole manufacturer of fertiliser, has cut prices by between 1.19 per cent and 8.48 per cent on a range of its products, following its earlier announcement that it intended to reduce by June 1.

Dennis Valdez, NFJ administrative manager, had announced earlier this month that the prices for the items would decrease in order to pass on savings to the agricultural sector. The drop in prices has taken effect five days ahead of its scheduled date.

In a press release, the company indicated that production cost savings, resulting from falling costs on the raw material Diamonium Phosphate, an essential raw material, have allowed the country's sole manufacturer of the fertiliser to pass on the savings to the agricultural sector.

According to Valdez, sales have been trending down with production level well below its capacity of 80,000 tons, with 34,000 tons sold last year, in comparison to 37,000 tons the previous year.

He was, however, unwilling to reveal his sales figures or his profit margin, but believes sales will continue to go south, with an expectation that about 27,000 tons will sold this year.