Onion prices have risen by 30-50% in the last fortnight as arrivals have slowed and demand has increased ahead of Eid-al-Adha (Bakra Eid). The trade has begun to hold stocks in the hope that the central government will ease its price-control interventions.

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Rise In Onion Pricing

On Monday, the average wholesale price for onions at the Lasalgaon mandi in Nashik was Rs 26 per kg, up from Rs 17 on May 25. The price of best-quality onions, which account for a small portion of total traded volume, has risen above Rs 30 per kg in many wholesale markets across the state.

The primary reason for the recent price increase is a mismatch between demand and supply. The onion that arrives in markets in June is from farmers' and traders' stocks. Farmers sell from their stock slowly as they project prices to rise because of an expected fall in the rabi crop of 2023-24.

A 40% export duty has slowed the rate of export, but traders say there is a strong domestic demand for onions for June 17's Eid-al-Adha. According to Vikas Singh, a Maharashtra onion trader from Nashik, “there is strong demand for Maharashtra's onions, especially from the southern states.”

Farmers and stockists' optimism that the export duty may be lifted by the central government is one of the primary causes of the price increase. They are holding onions because they believe the price will rise, according to this assumption, stated Ajit Shah, president of the Horticulture Produce Exporters' Association.

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