Onion price likely to go up by Tk5 a kg next week
Ctg wholesale hub sees rapid ups and downs in last few days
Witnessing rapid ups and downs in the last couple of days, Chattogram wholesale hub Khatunganj is likely to see Tk5 hike in per kg onion to Tk37-40 next week, traders have hinted.
On Friday, the largest wholesale market sold the essential cooking ingredient at Tk32-35, down by Tk7-8 from a week earlier.
Traders say the market is now unstable as there is no stock of local onion, and the country largely depends on imports – mainly from India and Myanmar.
"Increasing or falling prices now depend on import rates, and the perishable item has no guarantee of stable market until our local variety hit market again," said Balay Kumar Podder, a wholesaler and owner of Grameen Banijyalay at Khatunganj.
"We have to heavily depend on the two neighboring countries, as importers are reluctant to bring onions from other countries owing to increased freight costs," said Abul Bashar Chowdhury, chairman of BSM Group, one of the leading spice importers in Bangladesh.
Currently onions from Myanmar are selling at lower price, Tk32 per kg, so it is gaining popularity, he added.
Basar noted that the booking rates, and freight charges have increased slightly in recent times.
The traders hinted about the price hike of Tk5, citing increased import rates.
"Every year during the September-November period, the prices of the onion shoot up in India, Bangladesh's main source of import, resulting in soaring home prices," says Mahbubul Alam, president of the Chittagong Chamber of Commerce and Industry.
Natural calamities caused the harvest to be low in some Indian territories, so the price of onions soared during the monsoon season. As a result, Bangladesh is also feeling the pinch.
Meanwhile, onions were found selling at Tk40-45 per kg in retail on Friday. The price hike in the wholesale market might raise the retail prices to more than Tk50.
Onion prices became the much-talked-about topic for the last several years for its ups and downs.
The price jumped to the highest Tk300 per kg in Bangladesh.