New Delhi, Nov 2 (IANS): The Union Cabinet on Wednesday approved nutrient-based subsidy rates for phosphatic and potassic (P&K) fertilisers for Rabi season 2022-23, which would be applicable from October 1, 2022 to March 31, 2023.

The subsidy approved for the rate revision is pegged at Rs 51,875 crore.

The rate revisions are for nitrogen (N), phosphorus (P), potash (K) and sulphur (S) for phosphatic and potassic (P&K) fertilisers for Rabi season of 2022-23.

The price fixed for nitrogen is Rs 98.02 per kg, price for phosphorus is Rs 66.93 per kg, for potash, it is Rs 23.65 per kg and for sulphur, it is Rs 6.12 per kg.

This will enable smooth availability of all P&K fertilisers to the farmers during Rabi 2022-23 at subsidised prices of fertilizers and support the agriculture sector.

The volatility in the international prices of fertilisers and raw materials has been primarily absorbed by the government, official sources said.