Metals & Commodities

Onion prices dip after hike in minimum export price: Govt

The Government’s decision to impose Minimum Export Price of $800/ton on onion with effect from 29th October 2023 till 31st December 2023

New Delhi: The weighted average price of onion in Maharashtra across all the markets has declined by 4.5 per cent and similar decline was observed in consumption centres as well after the increase in the minimum export price, the Ministry of Consumer Affairs said on Monday.

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“The Government’s decision to impose Minimum Export Price of $800/ton on onion with effect from 29th October 2023 till 31st December 2023 to discourage exports and maintain availability in domestic markets has shown an immediate impact of price correction in Maharashtra markets, where prices recorded a decline of 5 per cent to 9 per cent from the highest price registered during last week,” an official statement said.  

“In view of increasing demand in the month of November, the Department of Consumer Affairs and Food Distribution has started releasing Onion Buffer stock into the market both through mandi sale and discounted sale to retail consumers at centres of high prices. This includes retail sale through 685 Mobile retail outlets covering over 170 cities,” the statement added.

The NAFED and the NCCF have also started procuring additional 2 LMT onion of kharif harvest to be distributed in high price centres to keep the onion prices under control.

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