Monday, October 21, 2019 | ePaper

Onion market turns hot

Import from Egypt, China, Myanmar soon: TCB's truck sale begins to cool down market

  • Print


Customers crowd around a truck to buy onions in front of Bangladesh Secretariat on Tuesday as the Trading Corporation of Bangladesh (TCB) started selling the onion at Tk 45 a Kg in an effort to offset its spiralling prices in the market.

Al Amin :
The Trading Corporation of Bangladesh (TCB) started selling onions from Tuesday in an effort to offset the spiraling prices of the cooking ingredient in the market triggered by India's decision to curb exports.
The commodity was sold on trucks at Tk 45 per kilogram (kg) in five points in the capital, including the National Press Club, Motijheel's Balaka Chattar and Khamarbari.
However, the retail prices of onion soared overnight to Tk 70- Tk 80 per kg in city's kitchen markets, according to traders.
Asserting that the onion price will come down soon, the newly appointed Commerce Secretary, Dr Md Jafar Uddin, urged the people not to be panicked over the price hike.
"As part of instant measure, the TCB has already started truck sales to intervene in the market," the commerce secretary told reporters after a meeting with stakeholders at the ministry yesterday.
He also said, among other government measures, the margin for letters of credit (LC) will be lowered, onion importers will be given loans at lower bank interest rate and the consignments of onions waiting for release at the ports for long will be released on an urgent basis.
"Initiative has been taken to import onion from Egypt, China and Myanmar to bring down the onion prices," said Dr Jafar Uddin.
He also said that his ministry has asked the Bangladesh Bank to take steps to lower LC margin and cut interest rate on bank lending for onion importers. The port authorities have been asked to ensure quick release of imported onions.
 "So, nothing to worry about the prices as the market will cool down soon with the arrival of imported consignments," he said.
The commerce secretary also said, "Some government agencies have already started to monitor the markets and supply will be increased gradually by reducing gap between wholesale and retail markets."
"Hopefully, the price will be stable after today's (Tuesday) meeting. Just wait and see,"  the commerce secretary said.
About 10 to 11 tonne onions are being imported to meet our demands, Shah Mohammad Abu Raihan Alberuni, a member of the Tariff Commission, said.
 
"LCs of 12 lakh tonnes have already been disposed and over 40,000 tonnes are in the pipeline, while our storage is at satisfactory level. So, hopefully, the price will be stable very soon," he said.
 
Onion prices surged overnight after traders hiked rates in the wake of restriction imposed by India.
The Indian authorities slapped $850 (Tk71,821) as minimum export price per tonne of onion on September 13, a move that made onion market highly volatile here as Bangladesh meets a portion of its annual demand through imports from India due to inadequate domestic production.
On Monday, some retailers at Mohammadpur Town Hall kitchen market asked for as high as Tk 80 for one kg of locally grown onion.
This locally grown kitchen ingredient was sold at Tk 60 per kg in the market on Friday, while imported onions at Tk 50 per kg.
"Onion market went wild since last night. Prices have gone up and customers are inquiring about prices only to avoid buying for now," said MA Hossain, owner of Allar Dan Vandar, an onion store at Mohammadpur Krishi Market, a wholesaling hub in the capital.
Mohammad Abdul Mazed, general secretary of Shyambazar Onion Wholesalers Association, said domestic production can meet demand for 7-8 months and 7-8 lakh tonnes of onions need to be imported every year.

More News For this Category

Mayhem over Facebook post on Prophet (SM) in Bhola

Mayhem over Facebook post on Prophet (SM) in Bhola

Staff Reporter :At least four people were reportedly killed and many others injured as locals, who were protesting over an "unverified Facebook post", clashed with police in Borhanuddin upazila of

DNCC Councillor Rajib expelled from JL

DNCC Councillor Rajib expelled from JL

Staff Reporter :Dhaka North City Corporation (DNCC) Ward Councillor Tarequzzaman Rajib has been expelled from Jubo League (JL) for breaching organization's discipline.JL General Secretary Harunur Rashid confirmed the matter to

DIG Prisons Rashid sent to jail

DIG Prisons Rashid sent to jail

A Dhaka court on Sunday sent Deputy Inspector General (DIG) of prisons Md Bazlur Rashid to jail in a graft case.Acting Judge Al Mamun Bhuiyan of Dhaka Metropolitan Sessions Judge

MP Bubly expelled from Open University

MP Bubly expelled from Open University

Staff Reporter :Bangladesh Open University (BOU) has expelled Tamanna Nusrat Bubly MP permanently and cancelled her all examinations and registration on charge of adopting unfair means in her BA examinations

Don't allow further loan to defaulters

Staff Reporter :The High Court on Sunday ordered the Bangladesh Bank and other banks not to allow the loan defaulters to take out fresh credit for one more month or

DNCC Ward Councillor Rajib arrested

Staff Reporter :As part of the ongoing anti-Casino drive, Rapid Action Battalion arrested Dhaka North City Corporation (DNCC) Councillor of Ward No 33 Tariquzzaman Rajib from a residence at Boshundhara

We have a role model govt for protection of corruption and crime

Dhaka City Corporations repeatedly conducted drives to evict the hawkers from the footpaths and other forbidden areas but they returned to the spaces within hours. The eviction drives rather

 Soaring prices hit common people hard

Soaring prices hit common people hard

Al Amin :The soaring prices of essential commodities are causing huge sufferings to the low and middle- income groups of people throughout the country.The price of onion is the highest,

Police charge batons and dispersed two groups of BCL students engaged in clashes in front of Patharghata Awami League office at Barguna leaving 30 people injured following the expulsion of BCL General Secretary Enamul Hossain as intruder. This photo was taken on Saturday.

Police charge batons and dispersed two groups of BCL students engaged in clashes in front of Patharghata Awami League office at Barguna leaving 30 people injured following the expulsion of BCL General Secretary Enamul Hossain as intruder. This photo was taken on Saturday.

UN HQs to remain closed in the weekend due to budget crunch

ANI, Washington :The United Nations Headquarters in New York will remain closed in the forthcoming weekend due to the ongoing cash crisis."The UNHQ buildings in NYC will be closed on