The retail price of onions hit Tk 145-155 a kg on Saturday, marking a Tk 10 hike per kg overnight. The price of the local variety of the pungent vegetable witnessed a Tk 20-30 hike per kg in the last three days, according to groceries in the capital.
Meanwhile, the price of imported onions has surged to Tk 130 a kg, marking a hike of Tk 15-20 per kg in the last three days.
Traders attributed the hike to higher import costs and a depleting stock of the local varieties of the crop.
However, expert observers say they are suspecting market distortion by the big traders in Faridpur, Gopalganj, Pabna, Rajbari and Shyambazar who are wholesaling the staple in Dhaka with an aim to cash in profit that are unfair to the consumers.
Md Farid, a salesman of a grocery at West Dhanmondi in the city, told the FE that prices have further increased by Tk 10 a kg at Karwan Bazar wholesale market on Saturday morning.
He said wholesale price of local onion soared to Tk 136-138 a kg.
Imported Indian onion is being wholesaled at Tk 115-120 a kg.
Jakir Hossain, a trader at Rayerbazar-Beribadh wholesale market, said prices of local onion starts increasing in the notable trading zones in Faridpur, Rajbari, Gopalganj, Pabna.
He said import has declined amid a price surge in India.
SM Nazer Hossain, vice president at Consumers Association of Bangladesh, said big traders in Faridpur, Gopalganj, Pabna, Rajbari and Shyambazar in Dhaka have raised prices overnight.
"There is no monitoring in the district level, which have been encouraging the unscrupulous traders in Faridpur region to distort the market," he said.
Price of local onion was Tk 100 in October 20, which increased to Tk 132-135 a kg on October 25.
The current onion pries are 20-25 per cent higher than that of a year ago, according to the Trading Corporation of Bangladesh.
Bangladesh has a demand for 3.2-3.5 million tonnes of onion annually.
The country produces 2.7-3.0 million tonnes.
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