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Onion Prices Set to Increase in Local Market

Panaji: Sources from the horticulture corporation said that, the prices of onions in the local market are likely to increase. They attributed the reasons for the same to shortage in stocks from their suppliers in the neighboring states. The price has gone from Rs 20 per kg earlier this week to Rs 25 now.

Sources also said, "Vegetable suppliers from the neighboring states are slowly running out of their existing onion stock. The rates will continue to remain high until the new crop is harvested there." Because of weather parameters there is a loss of fresh stock. The reason of the increase in rates is onions that were en route from Kolhapur and Nashik to Goa got soaked and spoiled on their way to the local markets.

Due to rise in demand as compared to supply, at the country's largest wholesale onion market at Lasalgaon, Maharashtra, the average wholesale onion price has shot up once again with 81% rise in just 24 hours.

In just a day from Rs 1,270 per quintal on Wednesday, August 2 to Rs 2,300 per quintal on Thursday, August 3, the average wholesale onion prices increased by Rs 1,030 per quintal.

The price will soar further and could touch Rs 3,000 per quintal within the next fortnight, claimed Agricultural Produced Market Committee (APMC) sources.

Source :http://timesofindia.indiatimes.com/