Onion prices shooting up ahead of Ramadan
Thursday, 15 July 2010
FE Report
Onion prices are shooting up in the local markets after a recent stability of price ahead of the soaring demand during the upcoming Ramadan, traders said.
The price of per kilogram local onion in the markets jumped to Tk 30-32 from Tk 20 of the previous month, marking a 50 per cent rise, traders said, forecasting another round of price hike, as the demand would increase further during the month of Ramadan.
Wholesalers and retailers blamed one another for the high price, though both are taking advantage of the rising demand.
"Price spiral has become a common phenomenon in our country, especially before the Ramadan, and the consumers are the victims of this unjust practice," a city dweller said while purchasing onion at Mirpur.
"I had been purchasing the local onion at Tk 18-20 per kg for the last two months, but now I need to pay Tk 32 per kg," he said.
Retailers said the upcoming month of Ramadan along with shortage of imported Indian onion have raised the prices of the local onion.
But wholesalers at Shyambazar in the city said they are selling the imported variety of onion at Tk 17 to Tk 25 per kg, while local variety ranged between Tk 20 to Tk 22 per kg.
"Retailers are making a windfall profit, as there is no strict monitoring in the market," wholesalers at Shyambazar said.
They however hoped that the prices of onion might come down within two or three days with the increased supply of the imported Indian variety.
According to Trading Corporation of Bangladesh (TCB), retail prices of local and imported onion were Tk 18-20 and Tk 16-18 per kg respectively. The local variety of onion was sold at Tk 28 per kg on Monday, and the imported variety at Tk 26, TCB sources said.
Bangladesh consumes around 90,000 tonnes of onion per month on an average, but the demand almost doubles during the Ramadan.
Onion prices are shooting up in the local markets after a recent stability of price ahead of the soaring demand during the upcoming Ramadan, traders said.
The price of per kilogram local onion in the markets jumped to Tk 30-32 from Tk 20 of the previous month, marking a 50 per cent rise, traders said, forecasting another round of price hike, as the demand would increase further during the month of Ramadan.
Wholesalers and retailers blamed one another for the high price, though both are taking advantage of the rising demand.
"Price spiral has become a common phenomenon in our country, especially before the Ramadan, and the consumers are the victims of this unjust practice," a city dweller said while purchasing onion at Mirpur.
"I had been purchasing the local onion at Tk 18-20 per kg for the last two months, but now I need to pay Tk 32 per kg," he said.
Retailers said the upcoming month of Ramadan along with shortage of imported Indian onion have raised the prices of the local onion.
But wholesalers at Shyambazar in the city said they are selling the imported variety of onion at Tk 17 to Tk 25 per kg, while local variety ranged between Tk 20 to Tk 22 per kg.
"Retailers are making a windfall profit, as there is no strict monitoring in the market," wholesalers at Shyambazar said.
They however hoped that the prices of onion might come down within two or three days with the increased supply of the imported Indian variety.
According to Trading Corporation of Bangladesh (TCB), retail prices of local and imported onion were Tk 18-20 and Tk 16-18 per kg respectively. The local variety of onion was sold at Tk 28 per kg on Monday, and the imported variety at Tk 26, TCB sources said.
Bangladesh consumes around 90,000 tonnes of onion per month on an average, but the demand almost doubles during the Ramadan.