Onion prices plungedue to glut in market
Gudimalkapur: The price of onions has seen a steep fall in the last few days with five kg being sold for as little as Rs 50. Around 86 tonnes of onion from Nagpur, Solapur and other parts of Maharashtra landed at the market. There has already been a considerable supply from Medak and Kurnool districts. The wholesale price of onions has come down to Rs 4. The retail price of onions has fallen to Rs 8. Just a few weeks ago, the price was between Rs 12 and Rs 14 a kg.
Ravindra Kumar, the secretary of Gudimalkapur market, said, “The production and supply of onions increased resulting in decrease in onion prices.” The traders at the Gudimalkapur market say the fall in prices have resulted in losses.Santosh Singh, owner of GH Traders, said, “There is so much of onion in the market that it’s obvious that the prices will come down. Such fluctuation in price was not seen earlier but is seen in the past two years.”