Bangladesh onion prices

In Bangladesh onion prices are currently at the highest rate ever. The price has strike about 260 Tk per kg to date. This astonishingly high price is making serious trouble for the consumers throughout the country. What is the reason behind this price hike in Bangladesh onion prices? Let’s find out the recent condition of the onion market.

Recent Onion Prices in Bangladesh

This recent increase in the price of onion in Bangladesh was commenced in September of this year. As it is a daily necessity, the rise in the onion market has created a big demand and supply gap frustrating for the mass people.

India has recently shut the onion export to Bangladesh. Onion prices in Bangladesh has been growing since then. Let’s take a glance at the comparative rates of onion in the last few days.

Onion Price In Bangladesh Today

  • On Thursday, the retail price of onion was about 200 Tk.
  • On Friday, the retail price of onion was about 240-250 Tk.
  • On Saturday, the retail price of onion was 260 Tk.

Over Price: Who is the culprit?

According to the government and other agencies who are concerned about these recent high onion prices in Bangladesh, it is a group of dishonest stock marketers who are the main culprit behind this rise.

Some of them said that they had imported onions from Egypt in 2017 but they had to face a loss that year. After that, they started to stock onions buying them at a low price like 45-50 Tk per kg and created a fake crisis in the market.

On September 29, India banned onion exports as they were also facing the increased price in their domestic market. As a result, Bangladeshi traders used this as a chance to make the onion market more fragile. After the visit of the Honorable Prime Minister Shiekh Hasina, India reopened the export but it was too late to control.

Onion Price 2019

Onion prices in Bangladesh slammed 100-150 Tk per kg overnight. Though the government is saying that they are trying to control the onion price, there is no such indication that the price will drop soon. Some dishonest traders were also fined and jailed for selling onions at a price higher than it should be.

But the condition is still the same. It is being said that, the price may drop in about 30-45 days when local onions will come to the scene.

Conclusion

These recent Bangladesh onion prices hike created great pressure for the middle and lower-middle-class people. The government needs to take effective steps to control the price as soon as possible.