TRADERS have hiked onion prices exponentially within a day, capitalising on India’s export ban on it. Retailers sold each kg of onions for up to Tk 120 at kitchen markets in the capital’s Palashi and Mohammadur areas. It was about Tk 80 just the previous day. The traders hiked the prices even though their stockpiles were bought at much cheaper rates, as per local daily reports. Bangladesh does not produce enough onion to meet the domestic demand. About 11 lakh tonnes of onion are imported every year to meet the demand of about 24 lakh tonnes. Traders said the prices are rising amid speculations that there is not enough locally grown onion in stock. The pictures in kitchen markets of Chattogram were similar. In Dinajpur and its adjacent districts, prices of the bulbs soared by about Tk 40. Each kg was sold for about Tk 95 on Monday.
Commerce Secretary Jafar Uddin said the country has 3 lakh tonnes of onion and it will last 50-55 days. He said that hoarders would face stern action. Besides, two ships of onion arrived in the country from Myanmar and more are in the pipeline. Around 350 tonnes of onion imported from Egypt, China and Singapore arrived in Chattogram Port. This tale of hoarding and selling at higher prices due to opportunistic greed is nothing new for our commodities traders. However the government must take stern action by regularly visiting the kitchen markets in Dhaka and other areas to ensure that the prices don’t rise, and give massive fines to ensure that the sellers remain honest.
In the future we should improve our communications with our major trading partners through whom we import essentials so that we are warned beforehand of any change in their export quotas so we can change our suppliers at a short notice. Our Food Ministry can also keep themselves abreast of international trends in commodities production. But of course all this won’t stop the greed of our traders and sellers, who hope to make quick money by capitalising on the shortages of essentials in the market. No amount of government interference can make them grow a conscience when there is widespread corruption in every sector.
