The government today decided to bring down the quantum of subsidy on decontrolled fertilisers phosphatic (P) and potassic (K) for the 2012-13 fiscal.

The Cabinet Committee on Economic Affairs (CCEA) approved the Fertiliser Ministry's proposal to reduce subsidy on P and K fertilisers under the Nutrient Based Subsidy (NBS) policy.

Due to the strengthening of the rupee and bearish global price, the Fertiliser Ministry had recommended reduction in subsidy on nitrogen (N) and potassium (K), which will be 24 per kg each and 21.8 rupees per kg on phosphate (P) for the 2012-13 fiscal.

The new rates will be effective from April 1. The subsidy bill of P and K fertilisers alone is seen to touch 52,000 crore rupees this fiscal.