Navi Mumbai: The retail price of onions has begun to decrease following an increase in the supply. Currently, onions are available in the retail market for prices ranging from ₹50 to ₹60 per kilogram, while in the wholesale market, they are priced between ₹22 and ₹40 per kilogram.
In response to the sudden surge in onion prices, the central government took action by setting a minimum export price to restrict exports. This decision is now yielding positive results, as onion prices are on the decline. Traders at the Onion-Potato market in the Agriculture Produce Market Committee (APMC) in Vashi anticipate further price reductions with the continued increase in the onion supply.
105 to 110 trucks of onions arriving at Vashi APMC
Currently, around 105 to 110 trucks of onions are arriving at the Onion-Potato market in APMC Vashi. Just a week ago, the number of arriving trucks was around 70 to 80, contributing to the price hike, as explained by Ashok Walunj, director of the Onion-Potato market.
During the first week of November, the price of onions soared to ₹80 to ₹90 per kilogram. Fortunately, timely decisions, such as the implementation of measures to curb exports, helped prevent further price escalation, according to traders.
Current supply primarily from stored stocks
According to the APMC administration, the existing stocks of onions are depleting, and the current supply is primarily from stored stocks rather than fresh harvests from farmers. A trader mentioned that because most onions are sourced from warehouses, the purchase price has increased by approximately 30 to 40 percent in the past two weeks. A more stable price environment is likely to prevail after the arrival of Rabi crops in January-February next year. Rabi onions account for 70 percent of the total onion production, while Kharif onions, which contribute very little, play a crucial role in sustaining the supply during the lean period of September to November, according to the trader.
Normally, APMC Vashi receives approximately 140 to 160 trucks and tempos laden with onions per day. However, in recent days, the supply has decreased, with only about 105 to 110 trucks arriving at the market.
