KARACHI: Good quality onion prices have swelled to Rs240 per kg in the domestic markets as retailers blame massive exports for the price spiral, ARY News reported on Wednesday.
The already inflation-hit consumers are forced to pay heavy prices for the most sought-after commodity compared to other vegetables.
Speaking at ARY News programme ‘Ba Khabar Sawera’, Wholesale Vegetable Association President Sheikh Muhammad Shah Jahan linked the rise in onion prices to Indian ban on onion exports.
India – the world’s biggest exporter of onions – had banned shipments from Dec 8, 2023 till March 2024 after domestic prices more than doubled in three months following a drop in production.
Following India’s move, Pakistani exporters started cashing in on the situation with local rates suddenly crawling up to Rs160-180 from Rs120-140 on intense buying. Since then, the rates have continued to swell on thriving exports.
The association president, while talking to ARY News, said that many inflation-hit consumers were facing the brunt of the commodity’s high prices. “Consumers have restricted their purchases to less than one kg to manage their daily expenses of other items,” he added.
Shah Jahan also ruled out the shortage of onions in the country, noting that this year the country witnessed abundant production of the vegetable. “Our country is in dire need of foreign exchange but, unfortunately, the citizens were being sacrificed in this regard.”
The association president further said that he had always asked to constitute a board which includes government representatives along with importers and exporters. “In this regard, a policy should be formulated in the meeting after every 15 days,” he added.
from ARY NEWS https://ift.tt/rPc3h7H
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