Onion prices have fallen by more than 76% to Rs 9.50 per kg in February at Lasalgaon wholesale market compared to Rs 41.30 per kg in September. The onion prices have been continuously falling from month of October as there has been spike in supplies with arrival of the lake kharif onion crop. The onions are being sold at minimum rates of Rs 7 per kg and maximum Rs 14.22 per kg at the wholesale market, as per data compiled by Nasik-based National Horticultural and Research Foundation (NHRDF).
The government in August tried to keep lid on prices of retail onion which had shot up to Rs 80 per kg in the national capital due to tight supply. The government had additionally imported the onions to keep a tab on prices.
Further, the government had hiked the Minimum Export Price (MEP) of onion to $700 per tonne. The onion exports have declined by 18% to 4.86 lakh tonnes in the first half of the fiscal due to governments steps to curb outbound shipments.