TCB sales to rein in onion prices

The government may sell onion through the state-owned Trading Corporation of Bangladesh (TCB) to cool down skyrocketing prices of this widely consumed item in the local markets, Commerce Minister Tipu Munshi said yesterday. 

Onion sold between Tk 43 and Tk 45 per kilogramme (kg) in different kitchen markets in Dhaka compared to Tk 25 and Tk 30 even a few days ago.

The price went up as a section of unscrupulous traders try to make hefty profits ahead of Eid-ul-Azha when demand for the item goes up.

However, the minister said imports recently slowed from India, the major source for the item for Bangladesh.

“Moreover, the rainfall has also impacted the prices. We have also talked with the TCB. We may sell onion through the TCB. We will notice for a few days whether the price of onion decreases or not in the domestic markets. If the prices do not fall we may sell onion through the TCB countrywide,” the minister said.

“The price hike of goods is like a nightmare for me. I always monitor the prices of basic commodities in the market,” Munshi said at a press conference at his secretariat office in Dhaka. “I always hold talks with businesspeople and ministry officials so that the prices of basic commodities remain at a tolerable level,” he added.

Md Mofizul Islam, secretary to the commerce ministry, acknowledged efforts of the section of the unscrupulous traders. 

   “We give assurances that there is a lot of stocks, still the consumers buy a lot of goods at a time, pushing the prices up in the local markets,” he said.