Onion brings tears to consumers� eyes

Prices up Tk 25-30 per kg in a week

Onion prices have risen sharply to Tk. 25 to Tk. 30 per kg over the past one week due to the hike in import prices and alleged hoarding by traders ahead of Eid-ul-Azha, leaving consumers to bear the brunt. Moreover, the Indian government on Sunday hiked the minimum export price of onion sharply by USD 275 per tonne to curb shipments and boost domestic supply to control spiralling retail prices that have touched up to Rs. 80 per kg in the  neighbouring country.
Market experts said India’s hike in price has affected the local markets of Bangladesh, and a section of dishonest traders have started hoarding onions to create an artificial crisis to capitalize on the situation. According to Trading Corporation of Bangladesh (TCB), the price of onion has risen by 106 per cent within a year. The price of onion was Tk. 35 to Tk. 45 per kg on August 24, 2014. The TCB said the price of imported onions rose by 113.33 per cent, while the price of locally produced onion rose by 118.75 per cent this year. The price of Indian onion was selling for Tk. 75 to Tk. 85 per kg in Dhaka yesterday, while it was Tk. 55 to Tk. 60 last week. The locally produced onions were selling for Tk. 85 to Tk. 90 kg, while it was Tk. 55 to Tk. 60 per kg last week. A businessman at Moulvibazar wholesale market in the capital said the price of onions in the retail market fluctuates  before Eid-ul-Azha. “The retail
sellers are charging additional money on the imported price. But the main reason behind the hike of price is because we are dependent on
India for 80 per cent of onions. India has already increased its charge on exported items,” said Golam Moula, president of the Moulvibazar Traders Union in Dhaka.
A trader in Kawran Bazar said the price of onion rose due to the floods and imported onions from India.
A visit to Karwan Bazar and Mohammadpur Town Hall Market revealed that local onions were being sold for Tk. 80 to Tk. 85 per kg since August 23, while the Indian variety was Tk. 5 more. The super shops in the capital were selling local onions at Tk. 80 per kg, Swapno outlet sold the local variety at Tk. 78, Meena Bazar at Tk. 79.
A housewife at Karwan Bazar Kitchen Market said traders were hiking the price of onions on lame excuses. “It seems that there is no one to check this malpractice,” she added.
In Chittagong, the prices of onions shot up between Tk. 75 and Tk. 85 per kg in Chittagong yesterday with retailers blaming wholesalers for the hike.
However, the wholesalers of Chaktai-Khatungganj market, the largest commodity hub of Chittagong, said onion prices were rising due to the hike in import price of Indian onions.
“Onion production in India witnessed a cut due to unfavourable weather. Therefore, the Indian government decided to hike the export price of onion,” said Ratan Roy of Satata Bainjyalay at Khatunganj wholesale market.
Responding to the allegation of manipulating the price, Mintu Showdagar of Mohammadia Banijyalay said that the market might be stabilised if onions were imported from countries other than India.
“Adverse weather conditions, including unseasonal rains, have affected both standing and harvested crop at major production centres in India,” said HM Badruddoza Babul, a wholesaler of Katunganj market.  
Indian onions traded between Tk. 70 and Tk. 75 while those from Pakistan and Myanmar were being sold at Tk. 60 and Tk. 50, respectively, in Chaktai-Khatunganj wholesale market yesterday.
The wholesalers further predicted that the chance of a decrease in onion price was very slim. On their part, consumers and activists have accused he traders of manipulating the onion price in the domestic market.
“The traders were increasing the onion price at whim only to make quick money ahead of Eid-ul-Azha. The commerce ministry is not playing its due role in curbing the price,” said Salma Sultana, a teacher of BAF Shaheen College.  “Like every year, the unscrupulous wholesalers and importers have already destabilised the commodity market through creating an artificial crisis.
The government is not monitoring the market,” said Salma, adding that the government needed to ramp up vigil so that unscrupulous traders could not manipulate the stocks and dictate the prices. According to data from the Bangladesh Bureau of Statistics and National Board of Revenue, the country consumes 20 lakh tonnes of onions annually. It has to import five to eight lakh tonnes a year to meet domestic demand. A bulk of the deficit is met through imports from India. “Creating any artificial crisis for making quick bucks is an act of utter dishonesty and lack of ethics. Regrettably, we have to experience that the prices of essential commodities go up ahead of Eid-ul-Azha without rhyme or reason,” said SM Nazer Hossain, president (Chittagong Division), Consumers Association of Bangladesh. “We do not see any initiative by the commerce ministry to monitor the market and control the prices of essential commodities,” alleged Nazer.

 

Onion brings tears to consumers� eyes

Prices up Tk 25-30 per kg in a week

Onion prices have risen sharply to Tk. 25 to Tk. 30 per kg over the past one week due to the hike in import prices and alleged hoarding by traders ahead of Eid-ul-Azha, leaving consumers to bear the brunt. Moreover, the Indian government on Sunday hiked the minimum export price of onion sharply by USD 275 per tonne to curb shipments and boost domestic supply to control spiralling retail prices that have touched up to Rs. 80 per kg in the neighbouring country. Market experts said Indias hike in price has affected the local markets of Bangladesh, and a section of dishonest traders have started hoarding onions to create an artificial crisis to capitalize on the situation. According to Trading Corporation of Bangladesh (TCB), the price of onion has risen by 106 per cent within a year. The price of onion was Tk. 35 to Tk. 45 per kg on August 24, 2014. The TCB said the price of imported onions rose by 113.33 per cent, while the price of locally produced onion rose by 118.75 per cent this year. The price of Indian onion was selling for Tk. 75 to Tk. 85 per kg in Dhaka yesterday, while it was Tk. 55 to Tk. 60 last week. The locally produced onions were selling for Tk. 85 to Tk. 90 kg, while it was Tk. 55 to Tk. 60 per kg last week. A businessman at Moulvibazar wholesale market in the capital said the price of onions in the retail market fluctuates before Eid-ul-Azha. The retail sellers are charging additional money on the imported price. But the main reason behind the hike of price is because we are dependent on India for 80 per cent of onions. India has already increased its charge on exported items, said Golam Moula, president of the Moulvibazar Traders Union in Dhaka. A trader in Kawran Bazar said the price of onion rose due to the floods and imported onions from India. A visit to Karwan Bazar and Mohammadpur Town Hall Market revealed that local onions were being sold for Tk. 80 to Tk. 85 per kg since August 23, while the Indian variety was Tk. 5 more. The super shops in the capital were selling local onions at Tk. 80 per kg, Swapno outlet sold the local variety at Tk. 78, Meena Bazar at Tk. 79. A housewife at Karwan Bazar Kitchen Market said traders were hiking the price of onions on lame excuses. It seems that there is no one to check this malpractice, she added. In Chittagong, the prices of onions shot up between Tk. 75 and Tk. 85 per kg in Chittagong yesterday with retailers blaming wholesalers for the hike. However, the wholesalers of Chaktai-Khatungganj market, the largest commodity hub of Chittagong, said onion prices were rising due to the hike in import price of Indian onions. Onion production in India witnessed a cut due to unfavourable weather. Therefore, the Indian government decided to hike the export price of onion, said Ratan Roy of Satata Bainjyalay at Khatunganj wholesale market. Responding to the allegation of manipulating the price, Mintu Showdagar of Mohammadia Banijyalay said that the market might be stabilised if onions were imported from countries other than India. Adverse weather conditions, including unseasonal rains, have affected both standing and harvested crop at major production centres in India, said HM Badruddoza Babul, a wholesaler of Katunganj market. Indian onions traded between Tk. 70 and Tk. 75 while those from Pakistan and Myanmar were being sold at Tk. 60 and Tk. 50, respectively, in Chaktai-Khatunganj wholesale market yesterday. The wholesalers further predicted that the chance of a decrease in onion price was very slim. On their part, consumers and activists have accused he traders of manipulating the onion price in the domestic market. The traders were increasing the onion price at whim only to make quick money ahead of Eid-ul-Azha. The commerce ministry is not playing its due role in curbing the price, said Salma Sultana, a teacher of BAF Shaheen College. Like every year, the unscrupulous wholesalers and importers have already destabilised the commodity market through creating an artificial crisis. The government is not monitoring the market, said Salma, adding that the government needed to ramp up vigil so that unscrupulous traders could not manipulate the stocks and dictate the prices. According to data from the Bangladesh Bureau of Statistics and National Board of Revenue, the country consumes 20 lakh tonnes of onions annually. It has to import five to eight lakh tonnes a year to meet domestic demand. A bulk of the deficit is met through imports from India. Creating any artificial crisis for making quick bucks is an act of utter dishonesty and lack of ethics. Regrettably, we have to experience that the prices of essential commodities go up ahead of Eid-ul-Azha without rhyme or reason, said SM Nazer Hossain, president (Chittagong Division), Consumers Association of Bangladesh. We do not see any initiative by the commerce ministry to monitor the market and control the prices of essential commodities, alleged Nazer.