May 20, 2022, 12:22 am

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Suddenly volatile onion market

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Economic Reporter :

The onion market has suddenly become unstable all over the country including Dhaka. In a few days, onions are being sold in the retail market at double the price of 55-60 rupees per kg. Consumers are uneasy as the price of this spicy product has gone up before the budget was announced. Eid al-Adha in front. At that time the demand for onion will increase further. For this reason, the concerned people are talking about controlling the price of onion now. Besides, the prices of rice and edible oil have also gone up. But in the new budget, tax and VAT will be waived to reduce the prices of consumer goods. After the announcement of the budget, the common people are expecting that the prices of all kinds of daily necessities including consumer goods will come down. Commodity prices have come down since the budget was announced last year.

It is learned that the onion market in the country has become volatile as imports from India have stopped. In fact, onion imports from India are expected to return to normal. However, the price of onion has gone up in the wholesale and retail markets due to declining supply. Besides, the track market activities of TCB, the government market regulator, are closed. Prices are expected to fall sharply if onions are sold soon after TCB starts its trucking activities. Kawranbazar, Fakirapul Bazar, Kaptan Bazar, Mugda Bara Bazar and Jatrabari Bazar of the capital can be seen, this spice national product is being sold at double the price. The supply and price of onion was normal even during Eid-ul-Fitr. At that time per kg onion was sold at 30-35 rupees. But now the consumer has to pay 55-60 rupees to buy that quality onion.

Buyers fear that as the price goes up, the price of onion may reach Rs 100 again. For this reason, it is necessary to take all kinds of initiatives to control the price. Aslam Ali, a resident of Old Dhaka, was shopping from Kaptanbazar. He said prices of daily commodities like onion, rice and edible oil had gone up before the budget was announced. However, I have heard that steps have been taken to reduce the prices of goods in the next budget keeping in view the Corona situation. He asked the question, then why the price of goods is rising? There is no reason for the price of onion to double. This year a huge amount of onion has been produced all over the country. Besides, prices are rising despite bumper yields and huge imports of paddy, which is not desirable. Zahid Hasan, a grocer in Fakirapul Bazar, said, “I am expecting the price of goods to come down after the announcement of the budget.” He said that even though he is a trader, he also has to buy goods. He said there is relief in the market even though the prices of consumer goods have come down. Tota Mia, a resident of Kajla Par, drives a rickshaw in Jatrabari area. He said, ‘What is the budget again? We are the main people, we do not have time to understand these.

The price of onion has increased from Tk 20 to Tk 25 per kg. The onion market has become volatile in less than a week in different markets of the capital. The price of onion has gone up by Rs 20-25 per kg. Wholesalers and stockists say that at this time, onions used to come from India as well as local onions. But onions have not been coming from the country for months. In Pabna, Rajbari, Kushtia, Magura, Faridpur and other districts where onion production is high, it is being sold at higher prices in the market, which is affecting the market. Mohammad Majed, general secretary of the Shyambazar Onion Traders Association in the capital, said the government had blocked the opportunity to import onions. If the import is approved, the price will be normal in a few days. And if not, prices could rise further.

The traders of Chaktai-Khatunganj said that this situation has arisen due to the closure of import (IP) on import of onions from India. Onion traders say that it is not possible to meet the demand of the country with local onions. Traders in Chittagong’s Chaktai-Khatunganj said onion imports from India have stopped. New Onion Import Permit (IP) is not being allowed to be opened. The permission to import onions from India expired on April 29. After that, permission was not given to import new onions. Many importers have applied for import permission but have not received it yet. They do not see any possibility of reduction in prices until Indian onions are imported. However, some importers are importing onions in limited quantities from Myanmar. Onions imported from Myanmar are being sold at wholesale prices at more than Tk 40 per kg.

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