CCI suspects cartel possibly jacking up onion prices

Prices of onion have peaked 23% in the past one week. On an annual basis, the prices rose by 82.47%. CNBC-TV18 now learns that the Competition Commission of India (CCI) is suspecting that the cartel of middlemen is possibly jacking up onion prices.

January 06, 2011 / 20:30 IST

On a day when the onion price situation threatened to worsen, the Competition Commission of India ordered a probe into the possibility of abuse of dominant position and price cartels in the sale of onions.

Prices of onion have peaked 23% in the past one week. On an annual basis, the prices rose by 82.47%.

The commission, which met in Delhi on Thursday to discuss the spurt in prices of onions, ordered its director general of investigations to carry out a formal probe under Section 26 (1) of the Competition Act and submit a report in 45 days.

Sources have told CNBC-TV18 that the commission found "prima-facie" evidence of a cartel

first published: Jan 6, 2011 06:44 pm

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