Onion prices shot up after MEP removal

The average wholesale onion prices at Lasalgaon, the country's largest wholesale market, shot up after the Centre removed the minimum export price (MEP) on the bulb on Friday.

While consumers will feel the pinch, farmers will fetch good prices. Prices were expected to soar in the retail markets as supply would shrink following the change. 

The average wholesale prices was at Rs 2,075 per quintal on Monday as against Rs 1,451 per quintal on Friday

The Centre had imposed an MEP of $850 a tonne on November 23 last year following the rise in wholesale prices.