With global urea prices falling to pre-West Asia war levels, the government’s fertiliser subsidy budget in the current fiscal year is likely to be around Rs 2.5 lakh crore, down from the Rs 3.4 lakh crore projected earlier amid the conflict, official sources said An official with a leading state-owned fertiliser company told FE that with urea from Iran no longer under US sanctions, the price of the soil nutrient variant declined to around $ 415- 420/tonne on Tuesday, against the average price of $ 947/tonne prevailed in May 2026.