Onion export price may be reduced after Diwali
The minimum export price of onion which is in the range of 445-565 dollars a tonne is likely to be revised after Diwali.
By PTI |
NEW DELHI: The minimum export price of onion which is in the range of 445-565 dollars a tonne is likely to be revised after Diwali.
"We will review the onion MEP after Diwali," National Agricultural Cooperative Marketing Federation of India (NAFED) Managing Director Alok Ranjan told PTI.
The arrival of Kharif onion would come in full swing after Diwali, Ranjan said, adding: "We will review the prices and availability after Deepawali and then accordingly would take a decision on MEP."
However, a government official said there is likely to be a downward revision in onion MEP as the decision to hike the prices was taken when the domestic prices were much higher than the current level.
On October 31, NAFED had decided not to tinker with MEP in view of festival season as retail prices were yet to come down substantially.
The domestic prices are in control at the moment, Ranjan said.
Although the retail prices of onion are still in the range of Rs 20-24 a kg, traders said rates would drop after Diwali.
Besides NAFED, there are 12 other agencies notified by the government to export onion. These agencies decide MEP of onion every month. Last month MEP was raised by USD 50 a tonne to USD 445-565 a tonne depending on the export destinations to curb the rise in domestic prices.
The government also tightened norms by making export licence mandatory for onion shipment while retaining the earlier practice of export through no objection certificate (NoC) issued by NAFED.
"We will review the onion MEP after Diwali," National Agricultural Cooperative Marketing Federation of India (NAFED) Managing Director Alok Ranjan told PTI.
The arrival of Kharif onion would come in full swing after Diwali, Ranjan said, adding: "We will review the prices and availability after Deepawali and then accordingly would take a decision on MEP."
However, a government official said there is likely to be a downward revision in onion MEP as the decision to hike the prices was taken when the domestic prices were much higher than the current level.
On October 31, NAFED had decided not to tinker with MEP in view of festival season as retail prices were yet to come down substantially.
The domestic prices are in control at the moment, Ranjan said.
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Although the retail prices of onion are still in the range of Rs 20-24 a kg, traders said rates would drop after Diwali.
Besides NAFED, there are 12 other agencies notified by the government to export onion. These agencies decide MEP of onion every month. Last month MEP was raised by USD 50 a tonne to USD 445-565 a tonne depending on the export destinations to curb the rise in domestic prices.
The government also tightened norms by making export licence mandatory for onion shipment while retaining the earlier practice of export through no objection certificate (NoC) issued by NAFED.
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