Government intervention on onion export prices stabilizes domestic markets

Buffer stock sale and additional procurement to further keep prices under control
Government intervention on onion export prices stabilizes domestic markets
Photo - Goh Rhy Yan on Unsplash

Government of India’s decision to impose Minimum Export Price of USD 800/ton on Onion with effect from 29 October 2023 till 31 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% to 9% from the highest price registered during last week. The weighted average price of Onion in Maharashtra across all the markets has declined by 4.5% and similar decline was observed in consumption centers as well.

The Department of Consumer Affairs is monitoring Onion exports and prices on daily basis to ensure stable domestic prices and availability to consumers. In view of increasing demand in the month of November, Department has started releasing Onion Buffer stock into the market both through mandi sale and discounted sale to retail consumers at centers of high prices. This includes retail sale through 685 Mobile retail outlets covering over 170 cities. NAFED and NCCF have also started procuring additional 2 LMT onion of kharif harvest to be distributed in high price centers to keep the onion prices under control and consumers interest is protected.

Click HERE to subscribe to our FREE Weekly Newsletter

Related Stories

No stories found.