Onion prices that skyrocketed during the last week decreased further at the main wholesale market of the spice at Khatunganj in Chattogram on Saturday also.
Onion prices at Khatunganj reduced by Tk 30 to 40 during last 24 hours. Two days ago, Indian onion was Tk 90 and Myanmar onion was Tk 80 on wholesale. But on Saturday, price of Indian onions dived to Tk 55-60 and Myanmar onion to Tk 50-65.
The administration has put pressure on the people involved in onion crisis. Due to this, the wholesale price has been reduced. The supply is also quite normal. Even if it was Friday yesterday, 32 tons of onion came in through Teknaf land port. In the past four days over two and a half thousand tons of onion came in through the land port. There is more than two thousand tons of onion in the pipeline. Teknaf is expecting these onion trawlers within two days. The Chattogram port is expecting about a thousand tons within a week.
The district magistrate's executive magistrate Touhidul Islam, who operated the mobile court multiple times in Khatunganj, said, “We have put pressure on onion prices in a number of ways. Surveillance has been enhanced. I have raided Khatunganj multiple times. If the price is changed again, then it will be brought under the law.”
Asked whether the rate of price decline would continue, he said, “A section of traders is trying to destabilize the market by reducing imports. The intelligence agencies are also investigating them. Action will be taken against those who do so.”
It has been reported that Bangladesh Bank has fixed a maximum interest rate of 9 percent to encourage onion import. Onion import LCs have also been asked to keep rates at the minimum level. Encouraged by this, many are interacting with different banks. However, it will take 15 to 20 days for the onion to arrive after opening a new LC. Those who have opened LC before, their product is coming now. Chattogram is expecting to see 1,000 tons of onion coming from Turkey and Egypt in next week.
Earlier at the port, 441 tons of onions have been released which were brought in by three traders.
Meanwhile, the Teknaf Land Port Authority is also releasing onions on a priority basis. All the onion trawlers that have come in the past one week have been released on a priority basis.
Traders say onion prices are falling slowly as supply is becoming normal. However, the impact of the reduction of Tk 25 to 30 on the wholesale market has not yet affected the retail price. The monitoring team has not yet increased surveillance in the retail market. Due to the high price of onion buying for many retailers, the administration is taking two days to start campaign in the retail markets. The administration will enforce the drives in the retail market on upazila level.
District Authority’s Executive Magistrate Tahmina Akhter Sumi said, “Onion prices have fallen in Khatunganj. In the meantime, I have raided the Riazuddin Bazar to see if its impact has been prevalent on the retail market. Despite giving warnings previously, the operation will be enforced in the retail market within two days. In the beginning, retailers claimed that onion was bought at higher prices. So we gave them some time to clear those. The excuse will not be accepted anymore. If the onion is sold at a higher price then action will be taken according to the law.”
