The central government on Wednesday said that onion prices are now cheaper than last year. Along with this, the government said that the help of buffer stock of onions is being taken to keep the prices stable. A buffer stock is a stock of a commodity or a commodity that is used to stabilize the fluctuations in prices.
In a statement on Wednesday, the Central Government has so far released 1.11 lakh tonnes of onions from its buffer stock in major markets across the country. The government claimed that this has reduced the retail prices of onions by Rs 5-12 per kg. Onions kept in buffer stock were released in major markets like Delhi, Kolkata, Lucknow, Patna, Ranchi, Guwahati, Bhubaneswar, Hyderabad, Bengaluru, Chennai, Mumbai, Chandigarh, Kochi and Raipur. Apart from this, onions were also supplied to the local markets of Maharashtra, Madhya Pradesh and Gujarat.
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“The prices of onions are also being stabilized through buffer stock. The efforts of the Union Government to bring down the prices of onions are now showing results,” the Consumer Affairs Ministry said in a statement. Onion prices are now cheaper than last year, the statement said. The average retail price of onion at the national level is Rs 40.13 per kg, while in the wholesale market it is available at Rs 31.15 per kg. The ministry said that till November 2, a total of 1,11,376.17 tonnes of onions were unloaded from the buffer stock in major markets.
According to ministry data, the intervention of the central government has helped bring down the retail prices of onions by Rs 5-12 per kg so far. For example, retail onion prices in Delhi have come down to Rs 44 per kg on November 3 from Rs 49 per kg on October 20. In Mumbai, onion prices have come down to Rs 45 from a high of Rs 50 per kg on October 14.
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Similarly in Kolkata, the retail price of onion declined to Rs 45 from a high of Rs 57 per kg on October 17. Whereas in Chennai it came down to Rs 37 from the level of Rs 42 per kg on October 13. According to the ministry, the supply of onions was disrupted due to heavy rains in the first week of October, after which the prices of onions started rising.
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