Onion prices will remain high for a month (Secretary of Commerce)

Onion prices will continue to remain high for a month until the local variety is harvested, Commerce Secretary Tapan Kanti Ghosh said today.

Onions now sell for 70-75 Tk per kg, compared to 40 Tk a month ago in local markets.

The rains made the widely eaten vegetable more expensive in India, the largest onion supplier country for Bangladesh, Ghosh said.

However, the secretary claimed that there is a sufficient supply and stock of onions in the country.

Sugar prices have also held steady at high rates, although Commerce Minister Tipu Munshi and Ghosh have said sugar prices may fall as soon as the government takes action.

The Ministry of Commerce has previously asked the state-owned Trading Corporation of Bangladesh to increase sales of its commodities so that prices fall in the markets.

Ghosh also said the Commerce Department sent a letter to the National Board of Revenue (NBR) to remove 5% of the duty on the importation of onions in order to increase the supply of the item in the markets.

The Minister and Secretary responded to reporters’ questions today after a meeting with four commodity businessmen at their secretariat office in Dhaka.

The secretary discussed the supply, demand and prices of four commodities, including onion, edible oil, sugar and lentils, where Munshi virtually attended the event.