Onion prices on Tuesday fell sharply by Rs 12 to Rs 30 per kg at Lasalgaon Mandi in Nashik as supplies almost doubled with the arrival of new crops, raising hopes of a similar cut in retail rates.
The impact of a fall in onion prices at Lasalgaon Mandi, which sets the price trend across the country, was visible in Delhi's Azadpur market where wholesale rates declined by Rs 5 per kg to Rs 40 per kg.
Onion costs Rs 60-65 a kg in retail markets in the National Capital region. National Horticultural Research and Development Foundation (NHRDF) Director RP Gupta said prices have dropped as kharif crops have started arriving in Lasalgaon mandi.
"In the coming days, as the arrival of kharif onion will increase in the market prices are likely to come down to Rs 20 per kg (wholesale price)," he said.
According to NHRDF data, average prices of the vegetable on Tuesday fell to Rs 30 per kg from the yesterday's level of Rs 42 per kg as supplies increased to 3,000 quintals from 1,525 quintals.
Onion prices had skyrocketed to Rs 80 per kg across the country last month, forcing the Centre to impose the minimum export price (MEP) to curb outbound shipments. Private players were also allowed to import the commodity from Afghanistan.
Agriculture Minister Sharad Pawar and Food Minister KV Thomas had expressed the confidence that prices would ease from September-end with the arrival of new crops.
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