Market Monitoring Brings Down Soaring Price of Onion

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Market Monitoring Brings Down Soaring  Price of Onion

September 24: The price of onion has started declining after the government stepped up market monitoring. The price had skyrocketed after a recent ban on export of onion by India.

The supply of onion at Kalimati Fruits and Vegetables Market

has come to a halt after India banned export of onion on September 14. The price started increasing in the Nepali market from the very next day.

The Commerce, Supply and Consumer Protection Department and the Kathmandu Metropolitan City started market monitoring after the businessmen started fixing the price of onion arbitrarily. Following the market inspection, the price has been gradually decreasing.

The wholesale price of onion, which was Rs 60 per kilogram on September 14 as per the price list prepared by the Kalimati Fruits and Vegetables Market, increased by 99 percent to Rs 119 the next day after India imposed the ban.

The retail stores were found selling onion for as high as Rs 160 per kg. The price of onion at Kalimati market has now dropped to Rs 102 per kg.

The concerned government departments stepped up monitoring after there was artificial shortage and black-marketing of onion. The government took action against traders who were found hoarding onion. After initiating action, the price started declining.

Director General of the Department of Commerce Netra Prasad Subedi says Nepal is dependent on India for onions and the price will remain high until India eases the ban.

He added that the stock of onion kept by businessmen has not finished yet and therefore the market monitoring will check the price hike to some extent.

 

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