A record increase has been seen in the price of onion in the last few days. Onion prices have doubled in a week in Delhi NCR. Apart from this, the price of onion has reached around 100 rupees in Bangalore, Punjab, Mumbai and other cities of the country.
According to reports, the price of onion is likely to increase further. On Sunday, the wholesale rate of onion in Bengaluru was Rs 70 per kg, which was Rs 50 a week ago. Along with this, the retail price has increased from Rs 39 to Rs 80 per kg. According to a TOI report, onion prices will remain high for a few more days and may cross Rs 100 to Rs 150 per kg.
Onion prices have doubled
Due to low supply of onion from local farmers, its prices have increased rapidly. In Hubli, the price of onion has increased from Rs 2,500-3,000 per quintal to Rs 6,000-6,600 per quintal in a week. Similarly, the price of onion in the retail market has increased from Rs 30 to Rs 35 per kg to Rs 75 to Rs 80 per kg. These prices have increased in just one week.
What has the government planned to do?
The government has taken some concrete steps to bring down the rising prices. Duty on onion export was announced on Saturday. Now till December, the export price of onion will be Rs 60 per kg, which was Rs 40 per kg earlier. By increasing the export duty, more onions will reach the domestic market, which may reduce prices.
Why is the price of onion increasing so fast?
According to HT, experts say that the last stock of onion is being stored in the market, due to which the supply is decreasing rapidly. Along with this, there has been a decrease in the supply of onions in the local market, due to which the prices of onions are increasing rapidly. According to the report, if the government does not take immediate action in this regard, the price of onion may go up to 120 to 150 rupees per kg.