After imposing the ban on onion export by India, the onion market has become volatile in Chattogram. As a result, onion price has doubled here overnight.
Price of Indian onions in the retail market of Chattogram was Tk 110 per kg which increased to Tk 210 on Saturday. Beside Chinese onions were sold at Tk 150 per kg though they were sold at Tk 80 on Friday. After the news about export ban spread, traders started raising the onion price.
This was seen on Saturday morning after visiting various kitchen markets in Chattogram and the country's largest consumer goods wholesale market.
The price of onions per kg has increased to approximately Tk 210 in the kitchen markets of Chawk Bazar, Bahaddarhat, Kazir Dewri, and Anderkilla areas of the city, up from around Tk 100.
Samad, a retail seller at Bahaddarhat said, “Onion price has increased every hour. We buy more from the wholesale market. That is why it has affected the retail market.”
In the wholesale market of Khatunganj, it was seen that the price of the spice is almost double. Bengle Traders owner Uttam Kumer Shaha told The Business Post, “The onion supply in the market is low which leads to price hike.”
“Import of onions through the port continued at the export price fixed by the Indian government at $ 800. But the Indian government has already announced a ban on onion export until March 31. As a result, the price of onion has increased in Bangladesh,” he added.
S M Nazer Hossain, vice president of Consumers Association of Bangladesh (CAB) said, “The general people will be suffering most due to price hike. Unscrupulous traders are increasing the price of onions to earn extra profits.”
"India announced a ban on onion exports on Saturday, and the prices of goods are rising on Sunday. Those who have the stock will make double profits in one day."
Meanwhile, the Directorate of National Consumers Right Protection has fined three wholesale and two retail stores in Khatunganj more than Tk one lakh for keeping onion prices higher than the purchase price.
The Office of the Director General of Commerce in India has informed that a ban on onion exports will remain in effect until March 31 next year. This decision has been effective since Friday. The country has made this decision due to a decrease in production.
