The State Trading Organization (STO) has initiated measures to address the escalating prices of onions in the Maldives by importing onions to regulate the market.
In a statement, STO highlighted the surge in onion prices in the Indian market, the primary source of onion imports for the Maldives. The effects of this increase became evident in Maldivian markets by October, with onion prices reaching MVR 400 per bag. By December, the prices surged further, ranging between MVR 800 and MVR 900 per basket, the statement said.
STO acknowledged concerns raised regarding the increase in the price of onions and announced that the organization was actively working to address and resolve the issue, in line with its mission to ensure food security in the Maldives. In this regard, the STO has identified the required quantity of onions for the Maldives and has already procured an initial shipment of 4,500 bags to regulate prices and ensure a stable supply.
STO said the company will sell its onions to the public through regular local businesses. Onion be issued to these businesses on condition that they do not increase the selling price above the maximum price set by STO.
“STO has advised to sell onions at a price not exceeding MVR 20 per kg,” the statement said.
STO will continue to supply onions to the Maldivian market until the price of onions declines and the market stabilizes.
