As a result of country’s largest record production, the wholesale prices of onions crashed 80 percent in the markets subsequently leading in decay of more than 50 percent of the onions till date in the warehouses itself.
As per several reports, the prices of onion are seeing a continuous fall. Accordingly, the price of onion in Lasalgaon has fallen to Rs 5.85 per kilogram while in Bengaluru, it is swinging between Rs 5 and Rs 11 per kg.
Interestingly, in some places, the lowest that onions saw was on October 17 where it was sold at Rs 1 per kg.
This happened merely because of sudden rise in production. According to a report, published in ‘The Economic Times’, Nafed had procured 5,000 tonne of onion from the last rabi harvest. Similarly, SFAC had procured 12,567 tonne of onion until September 15. Of which, it managed to sell only 5,518.55 tonne
The rest of the stock was sold at just about half of its purchase price.
As a result of this, traders now fear a further fall in prices next month as well when kharif crop from Maharashtra will be seen in the markets.