On Monday, the Ministry of Consumer Affairs reported a 4.5% decrease in the weighted average price of onions in Maharashtra’s various markets. This decline was also observed in consumption centers following the increase in the minimum export price.
“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 initiated the acquisition of an additional 2 lakh metric tons (LMT) of kharif harvest onions, with the intention of distributing them in high-price centers to effectively manage and stabilize onion prices.