Faced with serious availability problem and very high prices of the two raw materials, the fertiliser manufacturers have already suggested for an export ban.
Sulphuric acid is a major raw material for manufacture of SSP fertiliser, while phosphoric acid is used in making Di-ammonium phosphate (DAP).
The Fertiliser Ministry has prepared a note for the Cabinet Committee on Economic Affairs for banning export of sulphuric and phosphoric acid.
Meanwhile, a senior government official told PTI, "We don't want that the manufacturers of sulphuric and phosphoric acid should suffer by selling their products to the domestic fertiliser industry at a lower rate. They are entitled to receive international prices."
He, however, said that when India is a net importer of sulphur, sulphuric acid and phosphoric acid, it should not export these commodities.
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The ban would also help in depressing the international prices where rates are rising due to India's surging import demand, the official said.
Currently, sulphuric acid is being imported at Rs 13,000 per tonne and phosphoric acid at over Rs 90,000 per tonne.
The export ban may also prompt the manufacturers of sulphuric and phosphoric acid to set up their own fertiliser plants where these two are the main raw materials, he added.
Current policy of the government is to allow free export and import of these two commodities. For sulphuric acid, India's major export markets are Namibia, Australia, Brazil, Chile, Egypt and Malaysia, while 98 per cent of phosphoric acid goes to Bangladesh.