A strong vicious syndicate is active to manipulate the unusual price hike of onion from time to time.
The syndicate gets patronage from a section of corrupt officials of the Commerce Ministry and the law enforcing agencies. This syndicate amasses undue profits of hundreds of crores of taka at the cost of the sufferings of consumers.
This syndicate's profit mongering has suddenly pushed up the onion price in the market during the last two days. Unfortunately, there is no move from the
Commerce Ministry to contain the sudden rise of onion price.
Despite adequate stock of onions in the country, the price of onion has increased by Tk 10 per kg at the retail market in just two days.
Retailers assume the price of onion will go up to Tk 90 this week if the government does not take immediate action against the syndicate.
The price of domestic onion has gone up by Tk 10 and imported onion by Tk 5 per kg on Monday.
Wholesalers said the amount of onions produced in the country each year does not meet the country's demand. A large part of the demand is to be met by imported onion from India and Myanmar.
Onion imports from India have declined due to Durga Puja. Besides, onion production has also declined in various states of India due to heavy rains. As a result, the price of imported onion is rising due to the increase in booking rates.
However, the Department of Agricultural Extension is reluctant to accept this excuse of sudden increases in the price of onion. According to the department, the demand for onion in the country is 2.8 million tonnes per year.
The country produces 33 lakh tonnes of onion a year. After 30 per cent of onions are wasted due to various reasons including lack of conservation 23 lakh tonnes are left for use while eight to 10 lakh tonnes of onions are imported every year.
As a result, there is always a surplus of onions. So there is no reason behind the increase in the price of onion suddenly.
Sources said India, Myanmar and other countries from which Bangladesh imports onions have not stopped exporting onions. A syndicate is manipulating the onion market and the price by Tk 15 to Tk 20 per kg in a week.
Visiting Kawran Bazar, Shyam Bazar and Naya Bazar kitchen markets in the capital, The Daily Observer found local onions selling for Tk 65 to Tk 67 per kg and imported onions for Tk 50 to 55 per kg.
Two days ago the local onion and imported onion was sold at Tk 50 to Tk 55 and Tk 45 to Tk 55, respectively. And a week ago it was sold at Tk 40 to Tk 50 and Tk 38 to Tk 45.
At the wholesale market local onions were sold at Tk 60 and imported ones at Tk 52.
Md Shahidul, Manager of Lalkuti New Banijjalay, Shyambazar, told this correspondent, "The supply of domestic onions declines slightly in October-November, while imports from India also declines due to Puja hiking the price of onion in local market."
Kamal Uddin, a retailer of Nayabazar, said, "We sell onions at Tk 4 to 5 per kg higher than the price we bought from the wholesale market. Retailers are not responsible for the rise in onion prices. Because retailers are selling different kinds of products and that's why retailers are not making any abnormal profit from one product," he added.
"The way the price of onion soared up last week, if the government does not take immediate action, the price of onion could reach Tk 90 within next week," added Kamal Uddin.
Ismail Khan, a buyer in Nayabazar said the traders increase the prices of goods unusually in connivance with a section of people in the government.
The onion season in the country starts in December every year. And onions produced from seeds come to the market in March.
According to the Department of Agricultural Extension, this problem will not exist after summer onion cultivation.
According to the government's marketing agency, Trading Corporation of Bangladesh (TCB), the price of local onion has gone up by 41.30 per cent and imported onion by 29.41 per cent in the last one month.
However, a study by the International Food Policy Research Institute (IFPRI) identified Indian dependence on onions as a major problem for increasing onion every year.
According to the IFPRI, onion production in the country has been continuously increasing for the last 6 years.
The government has already taken initiatives to increase onion production locally and reduce import dependency.
As many as 21.30 million tonnes of onions were produced in 2015-16 financial year, 21.53 million tonness in 2016-17 financial year, 23.30 million tonnes in 2016-17 financial year, 23.30 million tonnes in 2018-19 financial year, and 25.60 million tonnes in 2019-20 fiscal year and in the financial year 2020-21, 33.72 million tonnes of onion were produced.
