Onion prices in Pakistan have witnessed a sharp surge, reaching Rs. 320 per kg, according to the latest data from the Pakistan Bureau of Statistics. The capital city, Islamabad, and Rawalpindi are grappling with soaring prices at Rs. 320 and Rs. 310 per kg, respectively.
Gujranwala, Sialkot, Lahore, and Faisalabad are also experiencing the brunt, with prices ranging from Rs. 220 to Rs. 270 per kg. Karachi and Peshawar report prices at Rs. 220 and Rs. 270 per kg, respectively, contributing to a national average of approximately Rs. 230 per kg.
The spike in onion prices is attributed to India’s ban on onion exports in early December, prompting increased exports from Pakistan and subsequently impacting local prices. Despite the government’s efforts, including an increase in the minimum export price (MEP) from $750 to $1,200 per tonne, local prices have not seen a significant decrease.
This surge in onion prices is affecting consumers across various cities in Pakistan, highlighting the challenges in stabilizing onion prices in the local market. The situation underscores the profound impact of global market dynamics on domestic commodity prices.
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IMF Directs Pakistan on Fiscal Discipline: No Supplementary Grants Until New Government Formation
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