Traders on Monday assured the government that onion prices would come down from early next month as import of a large quantity of the item is in the pipeline.
The assurance came at a meeting held at the secretariat with commerce secretary Md Jafar Uddin in the chair following an unusual hike of the key spice in the local market, meeting sources said.
They said onion is being imported from India as well as Myanmar and Egypt. Currently, its supply and import volume have also increased in the local market. The price of the spice would come down from the first week of next month.
Additional Secretary of the Ministry of Commerce (MoC) Md Shafiqul Islam and high officials concerned were also present at the meeting.
The commerce secretary said the government has taken effective steps to import required quantity of onion and has strengthened market monitoring to keep its prices stable in the local market, according to a press release issued by the commerce ministry.
He said the country is importing onion from Myanmar, Egypt and Turkey due to an increase in the minimum export price (MEP) of onion by the Indian authority.
Mr Jafar also hinted at an adequate supply and stock of onion in the country. He said onion supply has increased in the market and a significant number of L/Cs has already been opened to import the spice, the release added.
At a review meeting on September 17, Bangladesh Tariff Commission (BTC) member Shah Md Abu Raihan Alberuni said onion prices would come down within next 24 hours. But there is no visible impact on its prices.
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