Onion MEP cut by $200 to $300 per tonne
22 Aug 2014 12:56 AM GMT
Government on Thursday slashed the minimum export price (MEP) of onion by a steep $200, $50 more than what the Union Cabinet had decided on Wednesday.
The decision follows softening of prices and increased availability of the vegetable in the domestic market.
‘Export of all varieties of onions...will be subject to a MEP of $300 per MT,’ Director General of Foreign Trade Pravir Kumar said in a notification that brings down the MEP from $500 to $300.
Telecom and Law Minister Ravi Shankar Prasad on Wednesday had said after the Cabinet meeting that ‘the MEP of onion has been brought down to $350 per tonne as its availability has increased’.
In June this year, the MEP on onion was re-introduced at $300 per tonne, which was further raised to $500 per tonne in July this year as prices moved upwards. Onion prices were rising due to speculation amid anticipation of below normal monsoon despite sufficient supply in the country.
The decision follows softening of prices and increased availability of the vegetable in the domestic market.
‘Export of all varieties of onions...will be subject to a MEP of $300 per MT,’ Director General of Foreign Trade Pravir Kumar said in a notification that brings down the MEP from $500 to $300.
Telecom and Law Minister Ravi Shankar Prasad on Wednesday had said after the Cabinet meeting that ‘the MEP of onion has been brought down to $350 per tonne as its availability has increased’.
In June this year, the MEP on onion was re-introduced at $300 per tonne, which was further raised to $500 per tonne in July this year as prices moved upwards. Onion prices were rising due to speculation amid anticipation of below normal monsoon despite sufficient supply in the country.
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