Onion prices have come down, Govt taking measures to control situation soon: Pranab

New Delhi, Dec 26 (ANI): Finance minister Pranab Mukherjee has said that onion prices have come down as compared to last week, and assured that the government is taking all necessary steps to bring back the situation under control soon. Export of onion has been banned and the import duty has been made zero, besides some imported onions are reaching the market. The prices have come down," he said.

"Some fruits, vegetables and milk have an element of seasonality in them and sometimes in the market, there is gap in the demand and supply of products, which leads to the increase in their prices... Ultimately, it depends on the series of the core chain," Mukherjee added.

The price of onions shot up to Rs 85 per kilogram in New Delhi earlier this week, while at other places it had skyrocketed to as much as Rs 100.

The rate hike in the onion is attributed to shortage of stocks in the wholesale market.

A week ago, onions were being sold between Rs 30 and 45 per kilogram in retail markets. (ANI)