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Floor price for onion exports lowered by $150 a tonne

Floor price for onion exports lowered by $150 a tonne

NEW DELHI, JANUARY 21:  The government has reduced the minimum export price (MEP) of onion by $150 a tonne in response to the moderation in the prices of the kitchen staple .

The MEP for onion, the floor price below which exports are not allowed, has been reduced to $700 a tonne from $850 fixed in November, according to the Commerce Ministry.

The MEP of onions was scrapped in December 2015 but brought back in November 2017 in order to check rising prices.

At that time, prices were ruling at ?50-65 per kg in most cities.

The MEP of $850 was applicable till January 20.

“Export of onion... shall be permitted only on Letter of Credit subject to an MEP of $700 per tonne” till February 20, the ministry said in a notification.

According to the Price Monitoring Cell of the Department of Consumer Affairs, retail onion prices are ?40 a kg in most cities.

Source:- Thehindubusinessline.com

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