Jabalpur, Oct 3 (UNI) The skyrocketing price of onions has affected budget of lower and middle-class families.
The price of onions has been varying between Rs 16 and Rs 20 since the past two months. However, it was being sold for a price as high as Rs 26 in some towns since the past few days.
The wholesale price of onions varies between Rs 700 and Rs 750 per sack. As such, retail price should vary between Rs 16-18.
However, retail traders were selling onions at high prices as per their whims.
Meanwhile, some traders were indulging in hoarding onions and accumulating huge stocks with the objective of making profit.
Mr Shivkumar Gupta, owner of a wholesale firm selling potatoes and onions, told UNI that excessive rains had damaged a huge portion of onion crop in Maharashtra.
Mr Gupta said price on onions has reached as high as Rs 1,800 per quintal in Nasik. He predicted that prices would rise further in view of the upcoming festive season.
Mr Gupta added the price of onions could reduce to a certain extent provided new onion crop arrived in the market in the next 15 to 20 days.