The prices have started to decrease in the capital’s wholesale market due to the arrival of new onions. 15 to 20 taka lower than domestic old onions are being sold at 150 to 160 taka per kg. The wholesalers are calling the sudden increase in the price of onion a manipulation of the traders. Consumers demand increased government surveillance to control prices.
This year, the cost of production of onion per kg was Tk 28. Accordingly, the retail price of onion should not be more than Tk 50 per kg, said the Directorate of Consumer Rights Protection.
Almost all of the onions imported into Bangladesh come from India. Last Friday, the country banned the export of onions for three months.
India’s Directorate General of Foreign Trade has said that there will be a ban on onion exports till March 31 next year.
Due to the increase in the price of onion, India decided to increase the export price on October 29. Although this restriction was given till 31st of this month, it was extended for another three months.
It was said in the previous instructions that onions can be exported to any country in the world. However, the minimum price of onion per ton should be kept at 800 dollars. Transport and insurance costs are not included in this price.
On the news of this decision of the Indian authorities, traders increased the price of onion in the country’s market. Domestic onion was sold at Tk 130 in wholesale on Thursday, but it increased to Tk 205 on Saturday night. And Indian onion increased from 98 taka to 165 taka.
Consumers have to buy at twice the retail price even if the wholesale price increases by Tk 60 to Tk 80 per kg within a day. In the capital’s Karwan Bazar, local onion is sold at Tk 220, Indian onion at Tk 170 and Chinese onion at Tk 135 to Tk 140 per kg.
Due to high prices, buyers reduce onion purchases. Along with the arrival of new onion in the market, the price has started to decrease.
Consumers are angry at the unusual price of onion at a time of rising commodity prices. They demand strict measures from the government to control the market.
The government has taken the initiative to quickly bring 52 thousand metric tons of onions from India to the country by opening loans to control the price of onions.