With onion prices on the rise and amid expectations that the prices of quality onions could almost double to Rs 55-Rs 60 per kg by september, the Department of Consumer Affairs announced the commencement of the release of onions from its buffer reserve.
The Department of Consumer Affairs said it has decided to release the onion stocks by targeting key markets in states or regions where retail prices are ruling above the all-India average and also where the rates of increase in prices over the previous month and year are above the threshold level.
The buffer stock amounting to 3 lakh metric tonnes was built under the Price Stabilisation Fund, reflecting the government's commitment to curbing price fluctuations and maintaining market stability.
Onion prices
Onion prices jumped from Rs 1,200 per quintal on August 5 to Rs 1,900 on August 7. They stood at Rs 2,500 a quintal on August 9 in key markets, according to reports. The retail prices of onions are around Rs 30 a kilo, which are expected to touch Rs 60-70 a kilo by early September due to a lower sowing area during the rabi season.