THE overheated onion market is making the people nervous throughout the country and particularly the city dwellers have been panicked by the surge of its price over the past few days. Many wonder what will happen if the price escalation continues or even stays at the present level which is beyond the affordability of the common people. News reports said onion sold between Tk 80 and 90 per Kg in local city markets yesterday while at Kawran Bazaar, the biggest retailers market in the city, traders sold a 5 Kg pack at up to Tk 400 on Sunday. Market agents are blaming surging onion export price in India which was upward adjusted at US$ 700 per ton on last Saturday as one of the reasons for reckless price escalation in local market. But it is clear that the present stocks in hands were imported when Indian domestic price was stable but stockist are blaming Indian export price hike now to escalate its prices at local market.
Onion price is moving up everyday triggering a big crisis affecting the rich and the poor alike. But it appears that the government is watching the development from the sideline when every people believe it must do something to stabilize the market. A government having least concerns for the common people can’t let the situation go beyond control leaving every household vulnerable to ruthless exploitation of market syndicates.
People see a desperate market situation is developing ahead of the Eid-ul-Azha when the onion use hits the peak of the year. Moreover, the Indian government ban on import of cattle is further causing concern for availability of sacrificial animal locally at affordable cost. India may have its reasons for exorbitant rise in onion price or banning cattle export, but many believe that for Bangladesh the two decisions do not appear good decisions from a friendly neighbour at this sensitive moment when India is taking every benefit of unilateral trade and connectivity to its northeast.
What is important now is to make immediate arrangement for onion import from other countries like China; the Eid festival is still four weeks from now. The government may also import cattle from Myanmar to ease the supply gap. Analysts can’t properly explain the escalating onion price when Bangladesh imports only four to five lakhs tons annually from India while it supplies 18 to 19 lakh tons from local production to meet the country’s total demand. Moreover, when India raises onion price every year at sensitive time why the government remains dependent on such a supply source is a big question.
It is advisable that hoarders must be asked to release the stock in the market to normalize the situation.
