Onion prices have shot up by at least Tk 15 per kilogramme in just three days, reaching Tk 100-130 per kg on Monday, according to market sources.
This surge comes during the peak harvesting season of the kitchen staple, adding further strain on consumers.
Aminul Islam, a grocer in Dhaka's Rayerbazar area, said wholesale onion prices have surged sharply over the past three days, forcing retailers to adjust their prices accordingly.
"Seasonal Murikata onions [seed onion] are trading at Tk 90-94 per kg at Karwan Bazar, forcing us to sell them at Tk 100-110," he added.
Imported onions are even rarer and pricier, fetching Tk 115-118 per kg wholesale at Shyambazar, which translates to Tk 120-130 for consumers at the retail end.
TCB data also captures an unusual price rise of the bulb. It shows onion prices have jumped by 12-20 per cent in just three days and are now 153 per cent higher than they were this time last year.
Haider Ali, a Karwan Bazar-based trader, blamed a supply crunch from key onion producing districts like Pabna and Faridpur for the price spike. He said onions in these areas have gone from Tk 52-60 per kg just days ago to Tk 78-80.
TM Rashed Khan, assistant director of the Department of Agricultural Extension, claimed that big traders in Pabna and Faridpur, along with those in Dhaka and Chattogram, are manipulating the market to make a quick buck.
According to DAE Director (horticulture) KJM Abdul Awal, murikata supply will gradually decrease from now until the haali onion harvest begins in March.
However, he commented that this year's murikata production of 0.8 million tonnes should be adequate to meet demand until then. He predicted a total onion production of 36.7 million tonnes this year -- enough to fulfil the country's needs.
Still, the halt in Indian onion exports has also had an impact on the Bangladeshi market, according to market analysts.
Consumers Association of Bangladesh (CAB) Vice President SM Nazer Hossain said the government should encourage traders to import onion from alternative markets long before the month of Ramadan starts from the second week of March.
He said if the trend continued, seasonal halli onion prices would escalate beyond the reach of the people. Meanwhile, the Trade and Tariff Commission (BTTC) also recommended exploring onion imports from Egypt, Turkey, China, Pakistan, Afghanistan and Netherlands as viable alternatives to the Indian supply.
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