MTL withdraws increase in prices of tractors
Lahore: The Millat Tractors Limited has withdrawn previously increased prices of its brands earlier this month by saying the price revision has been withdrawn, said an official letter of the company addressed to all main dealers.
The price revision is withdrawn and previous prices shall prevail till further intimation, the official letter added.
Earlier, the MTL in its letter dated June 25 has increased the prices of all its variants manufactured said an earlier letter of the MTL. The reduction in price will be a relief for the farmers.
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According to a revision in the prices of Millat’s Messey Ferguson Tractors, it said that the prices were increased due to an increase in the cost of production of tractors on account of an increase in the prices of raw materials, labor, utilities, other inputs, and depreciation of Pak Rupee.
The sale of farm tractors in the country jumped up by 53 percent to 31,424 units during the eight months from July to February (2020-21) of the current financial year.
The sale of tractors stood at 20,588 units in the same period last year.
On a year-on-year basis, sales of farm tractors also increased by 41.67 percent against 4,450 units in February this year as against 3,141 units in the same month of 2020.
According to the latest figures released by the Pakistan Automobile Manufacturing Association–PAMA, sales of Fiat tractors in the first eight months of the current financial year rose to 8,987 units from 7,869 units in the same period last year.
Sales of Massey Ferguson tractors also increased 78 per cent in July-February 2020-21 to 22,408 units compared to 12,557 units in the same period last year.
However, sales of Orient IMT tractors declined to 29 units against 162 units in the corresponding period last year.
The data, meanwhile, shows that passenger car sales also increased by 19.6 percent from 79,534 units in July-February (2019-20) to 95,139 units in the same period of the current financial year.
