The State Trading Organisation (STO) has implemented measures to stabilise local market prices by importing a shipment of onions, with the initial delivery comprising 4,500 sacks.
STO attributed the surge in local onion prices to the ban on onion exports from India, leading to prices ranging between USD52-58 per sack in the local market. Acknowledging public concerns about increasing onion prices, the organisation underscored its commitment to addressing the issues in line with its primary goal of ensuring food security.
STO has begun importing onions to stabilise prices and ensure a consistent supply to the Maldives. The first shipment of 4,500 sacks has already been received. The organisation stated that the imported onions will be distributed to the public through wholesalers, with the condition that businesses adhere to a maximum sale price of USD1.3 per kg.
STO aims to sustain market stability by continually importing onions until the supply shortage is resolved and prices are brought under control.