With no new onion produce in the scene and old stock getting exhausted fast, the per kilo price of onion crossed Rs 60 on Monday in the city. The onion prices in the city have gone up by 50% in the last fortnight.
According to traders dealing in the commodity, the price is likely to cross Rs 70 in the next two days. Experts say that the main reason behind the current pricerise is shortage of the commodity as the fresh crop of onion will reach the market after about a month. "So, the prices can increase further," said Deepak Dhawan, a trader dealing in onion wholesale. The onion available in the market is coming from the people who had stocked it.
On Monday the wholesale price of the onion was Rs 52 per kg. According to traders it is likely touch 55 to 60 on Tuesday morning, and increase further in the coming days.
Another reason cited is the heavy rainfall that had destroyed the crop, which created further panic in the market. "In the entire country the fresh produce of onion is available only in a part of Andhra Pradesh. But it is being consumed there only," said Balbir Singh, chairman, Sabzi Mandi Association, Chandigarh.