New Delhi, April 24 -- Cooling crude oil prices are expected to ease India's fertilizer subsidy burden and import bills, in a spot of relief for the economy navigating a raging tariff war. Cheaper oil also promises to lower current account deficit (CAD), ease inflation and stabilize the rupee.

The government has budgeted Rs.1.68 trillion for fertilizer subsidies in FY26. While such allocations are typically increased during the year, current trends suggest the Centre may manage to bring down the subsidy bill, two people aware of the matter said.

"If crude prices remain soft, the fertilizer subsidy bill could stay within the budgeted Rs.1.68 trillion for FY26, and may even fall by 5-10%," one of the two people mentioned above said on the...