Staff Reporter :
Wholesale onion prices came down to Tk 20-25 a kg amid a countrywide crackdown on traders hoarding onions.
Insiders said the sudden crackdown has created panic among the onion traders leading to a price crash of onions.
But the prices of key cooking ingredients remain high in retail market, selling at Tk 90 to Tk 100 per kg on Friday.
In Dhaka, the wholesale onion prices were hovering between Tk 78-85 (local variety) and imported ones at Tk 60-75 a kg.
The commodity was sold at Tk 95-110 from Sunday to Tuesday, showing an overnight rise by Tk30-40 per kg, which the observers described as ‘artificial’, and they termed it a latent act of market manipulation.
Insiders said the sudden crackdown, led by mobile courts, has created panic among the onion traders leading to a price crash of onions.
The overnight price hike witnessed Tk 30-40 per kg, which the observers described as ‘artificial’ terming it a latent act of market manipulation.
Earlier, the government sent 10 teams across the country to monitor the supply, price, and stock of onions in the market.
UNB adds: A consignment of around 1,500 tons of onion loaded in 60 trucks has started entering Bangladesh from India.
The onion-laden trucks began to enter Bangladesh around 12:30pm on Friday, confirmed Secretary of Indian Hili Exporters and Customs Clearing Agent Association, Sanjit Kumar Majumder.
On September 29, the Indian government banned the export of onion with immediate effect till further order in order to improve the domestic availability of onions, for what they said it was casting an adverse impact on Bangladesh’s domestic market with excessive price.
A revenue officer at Hili Noor Amin said: “The customs station kept operating at the request of business people of the two countries even on the weekend.”
The entry of these onion-laden trucks are operating under the already opened LCs (Letter of Credits), which is set to allow to keep the onion market stable in Bangladesh, he added.
Wholesale onion prices came down to Tk 20-25 a kg amid a countrywide crackdown on traders hoarding onions.
Insiders said the sudden crackdown has created panic among the onion traders leading to a price crash of onions.
But the prices of key cooking ingredients remain high in retail market, selling at Tk 90 to Tk 100 per kg on Friday.
In Dhaka, the wholesale onion prices were hovering between Tk 78-85 (local variety) and imported ones at Tk 60-75 a kg.
The commodity was sold at Tk 95-110 from Sunday to Tuesday, showing an overnight rise by Tk30-40 per kg, which the observers described as ‘artificial’, and they termed it a latent act of market manipulation.
Insiders said the sudden crackdown, led by mobile courts, has created panic among the onion traders leading to a price crash of onions.
The overnight price hike witnessed Tk 30-40 per kg, which the observers described as ‘artificial’ terming it a latent act of market manipulation.
Earlier, the government sent 10 teams across the country to monitor the supply, price, and stock of onions in the market.
UNB adds: A consignment of around 1,500 tons of onion loaded in 60 trucks has started entering Bangladesh from India.
The onion-laden trucks began to enter Bangladesh around 12:30pm on Friday, confirmed Secretary of Indian Hili Exporters and Customs Clearing Agent Association, Sanjit Kumar Majumder.
On September 29, the Indian government banned the export of onion with immediate effect till further order in order to improve the domestic availability of onions, for what they said it was casting an adverse impact on Bangladesh’s domestic market with excessive price.
A revenue officer at Hili Noor Amin said: “The customs station kept operating at the request of business people of the two countries even on the weekend.”
The entry of these onion-laden trucks are operating under the already opened LCs (Letter of Credits), which is set to allow to keep the onion market stable in Bangladesh, he added.
