Irrigated agriculture now occupies 18% of the total arable land globally and produces more than 33% of its total agricultural production. Irrigation is the major consumer of water, accounting for about 80 percent of the total water utilization in the country. In addressing water scarcity, many countries adopt water-pricing as a tool to regulate irrigation water. “Getting prices right” is seen as a desirable way to allocate water efficiently, but how to accomplish this remains a debatable issue. Water pricing methods are sensitive to each location’s physical, social, institutional, and political settings. Therefore, it is necessary to assess the costs and benefits of a particular irrigation project and cater to the pricing method accordingly.