Onion export price to remain unchanged

NEW DELHI: State-owned cooperative major Nafed has kept the minimum export price of onion for September unchanged at the average of 250-255 dollar per ton amid domestic prices showing signs of stability. "The MEP, as of now, stands unchanged," an official with the National Agricultural Cooperative Marketing Federation (Nafed) said, adding that it may review the price situation in mid-September if situation warrants.

Nafed is the nodal agency for onion export and it decides the MEP every month in consultation with 12 other agencies after taking into account domestic availability and prices of the commodity. At present, retail prices of onion in the national capital are ruling at Rs 15-20. Traders said the decision not to raise the MEP now could be attributed to the fact that domestic onion prices are stabilising.

The government had hiked the MEP by 20 dollars a ton for August to discourage shipments and boost domestic availability in a bid to control prices. In July, onion exports jumped more than two-fold at 1.54 lakh tons against 61,629 tons in the same period last year despite hike in MEP of the commodity twice during the month by 75 dollars a tonne.