"The reduction in prices will help in realising the Prime Minister Narendra Modi's plan of doubling the farmers' income by 2022," said Managing Director and CEO U S Awasthi.
The change will be applicable with immediate effect across the country, he said at the first India International Cooperatives Trade Fair being held here from October 11 to 13.
IFFCO provides services to more than five crore farmers with more than 35,000 cooperative societies across the country -- from Leh-Ladakh in the north to southern backwaters of Kerala, and from western Kutch region to eastern Arunachal Pradesh.
In 2018-19, it reported a turnover of Rs 27,852 crore. The cooperative has five manufacturing plants producing 81.49 lakh tonnes of fertilisers.
Besides, IFFCO has diversified into sectors like general insurance, rural mobile telephony, farm forestry, international trading, food processing and organics.