The government has said prices of onions are likely to remain high for the next three weeks, but the situation will improve thereafter in the wake of its move to ban exports of the commodity.
"Onion prices will remain high for the next three weeks and the situation is likely to improve only after two to three weeks. The ban on onion exports should help reduce prices," Agriculture Minister Sharad Pawar said today.
Yesterday, the government decided to suspend onion exports till January 15 in light of skyrocketing prices of the commodity, which have jumped to around Rs 60-70 a kilo due to "hoarding and speculation".
The prices of onions have soared to Rs 60-70 per kg in retail markets in Delhi and many other important cities of the country from Rs 35-40 just a few days ago.