Onion prices set to rise further

Onion prices, which have been on the rise since a month, is all set to spiral out of control this week following a massive decline in supply at various Agricultural Produce Market Committees (APMCs) in Nashik.

The average wholesale price in the country’s largest onion market at Lasalgaon APMC last week closed at an all-time average high of Rs 4,800 per quintal.

On August 13, prices had touched Rs 4,500 forcing various state governments to explore the option of importing onion. Wholesale price has increased by 7.84 per cent from the opening rate on the weekend of Rs 4, 451 per quintal, an increase of Rs 60 to Rs 65 per kg.

The local media, which is monitoring the onion price in Nashik APMCs, stated that on Friday the average wholesale price ranged between Rs 4,725 to Rs 4,800 per quintal, as against Rs 4,500 to Rs 4,651 per quintal on the previous day.

With the average price hovering around Rs 4,800 per quintal, the maximum price for high-grade onion touched Rs 5,016 per quintal.

Lasalgaon APMC officials stated that around 6,500 quintal of onions were auctioned on the weekend. As there is still a month for the arrival of fresh Kharif crop in the market, the fluctuation in onion price in the coming weeks will be on the higher side.