Leading fertiliser cooperative IFFCO on Friday reduced the retail prices of its complex fertilisers including di-ammonium phosphate (DAP) by up to Rs 50 per bag, amid easing raw materials and manufactured fertilisers prices globally.
"We have cut the retail prices of DAP and all complexes fertilisers taking into account the softening trend in global prices of raw materials and manufactured fertilisers," IFFCO Managing Director U S Awasthi told PTI.
IFFCO has reduced the maximum retail price of DAP to Rs 1,200 per 50 kg bag from the earlier Rs 1,250 a bag.
The price of NPK-I complex has been reduced to Rs 1,175 (rpt) a bag from Rs 1,200 (rpt) 1,200 a bag, while the price of NPK-II complex has been slashed to Rs 1,185 (rpt) 1,185 per bag from Rs 1,210 (rpt) 1,210 per bag.
The price of NP complex has been reduced by Rs 25 (rpt) 25 to Rs 975 (rpt) 975 per bag. The new retail prices of DAP and complex fertilisers, that includes GST, have come into effect from October 11, Awasthi added.
However, the retail price of neem coated urea, which is controlled by the government, continues to remain steady at Rs 266.50 per 45 kg bag.
IFFCO had last cut the retail prices of DAP and complex fertilisers in July this year. Announcing the decision at the India International Cooperatives Fair here, Awasthi said this will reduce the agri-input cost and help in realising Prime Minister Narendra Modi's plan of doubling farmers income by 2022.
IFFCO is one of the biggest processed fertiliser cooperatives in the world with a turnover of Rs 27,852 crore during 2018-19 fiscal. The cooperative reaches to over 5.5 crore farmers in the country. IFFCO contributes to around 36 per cent of Phosphatic and 21 per cent of Nitrogenous fertilisers produced in India.