The government has undertaken multiple measures and initiatives to bring back price stability in the restive onion market.  

Commerce Minister Tipu Munshi on Thursday said that the highest amount of onions will be imported this year by breaking the all-time record.

Besides, the Trading Corporation of Bangladesh (TCB) is going to launch open market sales (OMS) of onion in the capital from September 13 to keep the market stable as the prices of the commodity have almost doubled in the last two weeks.

The commerce ministry on Tuesday said that the TCB had taken the maximum preparation ever to begin import and sale of onion in the country.  

Talking to journalists at his secretariat office, the Commerce Minister said, “The price of onion has already gone up in our market as well as in India. Therefore, a record amount of onions will be imported this year. I have given a letter to withdraw 5 percent duty on onion import. Hopefully, the tariff will be revoked.”

The Commerce Minister said that several teams from the Commerce Ministry visited the import sites, such as Benapole and Hilli to witness the import status.

“Onion prices have risen a little in the market due to supply problems for the floods. TCB is coming forward on a large scale. Onion will be sold in the open market at a fair price from September 13,” he added.

Moreover, officials of the Commerce Ministry said different state agencies have been engaged to ensure smooth supply of onion in the market. The Ministry has also asked the authorities concerned to take effective measures for speedy release of onion from different ports to keep the spice prices within the buying capacity of the common people.

It has instructed the central bank to ask the scheduled banks to extend their required cooperation in opening letters of credit (LCs) by onion importers.

Besides, the government has asked the agriculture ministry to issue import permission (IP) and required quarantine certificates.

The ministry has, however, asked the deputy commissioners to hold meetings urgently with the local importers for encouraging them to import sufficient onions.

It has also instructed the DCs to send progress reports on the meeting decisions by reviewing the stock, supply and prices of onion within seven days.

The onion price, which shot up by around Tk 20 per kg at the retail level in the last few days, remains unchanged at the previous level. Local onion was sold at Tk 60-70 a kilogram on Thursday which was Tk 40-50 per kg a week back. Imported onions were retailed at Tk 45-55 a kg from Tk 30-40 a kg earlier.

Official sources said the commerce ministry on Tuesday sent letters to the agriculture minister, Bangladesh Bank (BB) and port authorities for taking necessary steps soon in this regard. It has also asked them to take immediate steps to ensure that the supply of the key item is not impeded in any way, he added.

Letters were sent to the Chattogram, Mongla and inland port authorities to take the next course of action for release, loading and unloading of imported onion on a priority basis to ensure its smooth supply in the country, they said.

In September 2019, the country witnessed an unusual hike in the prices of some essential items, especially onion. Onion rose in price to nearly Tk 300.

The commerce ministry and Directorate of National Consumer Rights Protection (DNCRP) also have further strengthened their market monitoring.