Traders and farmers have significantly increased the supply of newly harvested onions in response to high market prices, anticipating continued profitability. This influx of new onions has doubled the supply in both wholesale and retail markets within a single day.
The rapid increase in supply has led to a steep decline in onion prices throughout the country, including the capital. According to market sources, prices have dropped by Tk 20-25 per kilogramme within a day.
New season onions, previously priced at Tk 100-120 per kg on Tuesday, were selling for Tk 80-100 per kg in the capital's markets on Wednesday. Additionally, the price of new onions with leaves fell to Tk 60 per kg.
Visits to various markets in the capital, including Maniknagar, Rampura, Malibagh, and Segunbagicha, revealed a significant increase in onion availability.
Mobile vans selling onions, a previously rare sight, were now readily available, with an average of 5-7 vendors present in each market. Permanent shops were also offering the new-season produce alongside imported onions.
Ali Hossain, a vegetable and fruit vendor in Maniknagar, said, “I usually seasonal fruits and vegetables, but the current high prices and onion season have prompted me to start selling onions as well.”
Mostafizur Rahman, a seller at Segunbagicha market, said many farmers are harvesting onions early on to get a better profit as the prices are high. This early harvest has doubled the market supply compared to Tuesday.
The price reduction of local onions has also impacted the price of imported varieties, which now sell for Tk 120-140 per kg, down from Tk 145-160 on Tuesday.
It is worth noting that the price of onions spiked to Tk 240 per kg last Friday following news of an export ban imposed by India.
Meanwhile, Director General of the Directorate of National Consumers Right Protection (DNCRP) AHM Shafiquzzaman on Wednesday said DNCRP is taking action against the illegal stocks of onion.
“We are gathering information about illegal onion hoarders through intelligence agencies. We have already taken action against some illegal onion hoarders,” he said while exchanging views with onion traders and concerned people of the market at the Trading Corporation of Bangladesh (TCB) Bhaban in the city, according to a press release.
DNCRP isactively conducting drives to maintain stability in onion prices in the country.
