Despite having sufficient stock, retail onion prices in the country have jumped by Tk30–40 per kilogram within just two days.
Traders said that reduced supply from producing regions has pushed up wholesale prices, which quickly affected the retail market. Market insiders, however, claim that hoarders are forming syndicates to artificially restrict supply and hike prices. At the same time, they are using the price hike as an excuse to pressure the government into allowing imports from India.
This correspondent on Friday visited several markets in Dhaka—including Karwan Bazar, Shewrapara, Kazipara, Ibrahimpur, Kochukhet, and Bhasantek—showed local onions being sold at Tk140–160 per kg. Just two days earlier, the price ranged between Tk110 and Tk120.
Md Shamim, a private-sector employee, said, “I couldn’t believe onions were selling at Tk160 per kg. Something is definitely going on in the market. The government must increase regular monitoring.”
Traders said that in the wholesale markets of Faridpur, Rajbari and Pabna, onion prices have risen by Tk 30–40 per kg in just two days.
Sajib Sheikh, owner of Matrivandar at Karwan Bazar, said, “I planned to buy 80 sacks of onions from the market, but due to low supply I could only get 20. So we are having to sell at higher prices.”
Retailers reported that customers are shocked to hear the new prices, and some are even arguing with sellers. According to retailers, prices may fall within a few weeks once new-season onions arrive and imports begin.
Market insiders say that farmers sold all their onions last season because they did not get fair prices. As a result, they have no stock left. Taking advantage of this, dishonest hoarders are forming syndicates, holding back onions, and artificially increasing prices. They are also using the price spike to pressure the government to allow imports from India.
Dr Jamal Uddin, Additional Director (Monitoring and Implementation) of the Department of Agricultural Extension’s Field Wing, said, “In reality, there is no shortage in the market. The syndicate is creating an artificial crisis to force the government to grant import permits. Yet, more than 100,000 tonnes of old stock are still available.”
LND/SAE
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