September 7, 2011 8:13 PM

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Minimum export price of onion raised by 175 US dollars per tonne

The Government has increased the minimum export price, MEP, of onion by a sharp 175 US dollars per tonne to 475 US dollars a tonne.This move is aimed at discouraging outbound shipments and controlling surging domestic retail prices of the kitchen staple.The sharp rise in MEP is expected to discourage exports and augment domestic supplies. According to the Directorate General of Foreign Trade (DGFT) notification, the minimum export price of all varieties of onions, including Bangalore Rose Onions and Krishnapuram Onions will be 475 US dollars per tonne.Earlier, the MEP was 300 US dollars per tonne for general category onion and 400 US dollars per tonne for premium varieties-Bangalore Rose onions and Krishnapuram onions.Onion prices have gone up by 10 rupees kg in last one-and-a-half months and it is being sold at 25 rupees per kg in the national capital.

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