NAFED hikes onion export price by $100 per tonne

NAFED hikes onion export price by $100 per tonne
PTI
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First Published: Mon, Aug 20 2007. 05 27 PM IST
Updated: Mon, Aug 20 2007. 05 27 PM IST
New Delhi: National Agricultural Cooperative Marketing Federation of India (NAFED) on 20 August increased the onion export price by $100 per tonne, seeking to restrain the surge in domestic prices of the commodity.
With this revision, second in a month, the minimum export price (MEP) of onion has now reached $445 a tonne.
“We have increased the price by $100 per tonne for exports to all destinations,” NAFED Managing Director Alok Ranjan said.
On August 1, the MEP was raised by $20 a tonne.
He said with the recent increase, the availability would be more in the domestic market as export demand is expected to dip by 25%.
The prices of onion has increased by 11% in the last one week with its lower availability in the markets.
The all India average price of onion in the wholesale market went up to Rs1,070 a quintal on August 18 against Rs962 per quintal on August 13.
Ranjan said the rates in domestic market would soften a bit as the crop in Pune region has just arrived in the market, though in very small quantity.
The country has 13 agencies, including NAFED, which are notified by the government to undertake exports. These agencies decide the MEP of onion every month.
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First Published: Mon, Aug 20 2007. 05 27 PM IST
More Topics: Money Matters | Commodities |