Govt sets minimum export price for onions at $1,200 per metric ton

MG News | January 13, 2024 at 04:53 PM GMT+05:00

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January 13, 2024 (MLN): The government on Friday set the minimum export price for onions and shallots at $1,200 per metric ton, according to a notification issued by the Ministry of Commerce.

This decision comes to control local prices which are on a rising trend due to increased demand in international markets.

Exporters in the domestic market are taking advantage of India's ban on the export of the item, leading to a shortage for local consumers.

The recent weekly inflation figures showed that the Sensitive Price Indicator (SPI) for the Combined Group increased by 1.36% WoW during the week ended January 11, 2024.

One of the major factors behind this week-over-over increase was the 8.94% jump in onion prices, which was the second-largest among the 51 items tracked by the SPI.

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