The largest wholesale market in India, Lasalgaon Agriculture Produce Market Committee (APMC), has seen a wholesale price drop of nearly 27% on onions. The rise was caused due to an excess supply with little demand.
The average wholesale onion prices have declined from Rs 900 per quintal on December 13 to Rs 650 per quintal on Wednesday.
"The stock of summer onions is now completely exhausted. The onions arriving in the market at present are of the new kharif crop and their arrival has increased at large. The daily arrival of onions at Lasalgaon is in the range of 18,000 to 25,000 quintals a day." said an official from Lasalgaon APMC.
He added, "This has led to decline in average wholesale onion prices by 27%. The price trend of onions is expected to be downward at least for next two-three weeks."
