Centre counters onion price rise by 64 pct hike of minimum export price

The Centre has hiked the minimum export price (MEP) of onions by 64 percent to check price rise of the product that is much in demand.

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The government hiked the MEP of onion to 700 dollars per metric ton from 425 dollars. The MEP was last increased from 250 dollars per metric ton to 425 dollars per metric ton on June 26.

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A Consumer Affairs and Food Ministry release said it is keeping a close watch on the rise in prices of onions.

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It said a decision has also been taken to import onions and a tender has also been floated for 10,000 metric tons of onions, which will be opened on August 27.

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The ministry further stated that the prices of onions are being reviewed regularly.

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It said the prices of onions have been rising on account of a decline in total production from around 194 lakh tons in 2013-14 to 189 lakh tons in 2014-15 due to adverse weather conditions.