Minimum export price on onions removed | Current Affairs, Current Affairs 2017

Minimum export price on onions removed

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Onions1New Delhi, Dec 24 (IANS) The central government on Thursday removed the minimum export price (MEP) on onions due to its adequate supply in domestic markets.

According to the commerce ministry, the MEP has been reduced to zero from $400 per tonne on free on board (FoB) basis.

“The government reviewed the MEP of onion on December 23 2015,” the ministry said in a statement.

“Keeping in view of sharp decline in wholesale prices of onion in producing mandies of Maharashtra and major consuming mandies and huge arrivals of onion, the government decided to reduce the MEP to ‘zero’ from $400 PMT (FOB).”

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