C T Online Desk: Price of local onions has increased further in Bangladesh amid the supply crunch and price hike of the product in India.
Demand for onion has increased ahead of Eid-ul-Azha as it is one of the ingredients essential for cooking meat. Targeting this occasion, traders started hoarding onion, which in turn has driven up its price in the country, said market insiders.
Onion prices have surged in India around 30-50% in the last two weeks due to a slowdown in arrival and an increase in demand ahead of Eid-ul-Azha, reported The Economic Times.
While visiting different kitchen markets and grocery shops in Mirpur, Shahjadpur and Badda on Thursday, this correspondent found that local onions sold at Tk85-90 per kg while there was no imported onion at the shops.
The price of local onions in the country has increased by 3.03% in a week and sold at Tk80-90 per kg while it was Tk80-85 per kg a week earlier, according to Trading Corporation of Bangladesh.
Onion prices started to increase from Wednesday, a week ahead of the second largest Muslim festival.
Nazer Hossain, vice-president of Consumers Association of Bangladesh (CAB), told Daily Sun that traders increased the price of essentials without any reason.
Onion prices usually remain low during the harvesting season between March and June. However, despite a good harvest, the price of the product was hiked inordinately.
Onion prices jumped at the retail level both in the urban and rural areas, said sources.
Shyambazar Krishipanya Arot Malik Samitee Organising Secretary Haji Abdul Majed said the supply of Indian onion is not adequate due to higher export duty imposed by the Indian government.
“Some Indian onions come to the local markets of some districts near the border, but they do not come in the capital due to higher prices,” he said
