Commerce Minister Tipu Munshi has said that It is necessary to fix the prices of onions to protect the interests of both consumers and farmers.
He said that if the prices are too low the farmers will not be able to survive, and then they will stop production.
"We have to decide on prices where farmers will make a reasonable profit and things will remain within the purchasing power of the consumers.
"Interests of both the parties have to be protected," the minister said following the second meeting of the committee on commodity price review and forecasting in Dhaka on Wednesday.
The commerce minister, citing estimates provided by the said that the Ministry of Agriculture, informed that it takes a farmer some Tk20-21 to produce a kg of onions.
He said, "If farmers sell their harvest onions at Tk25-30/kg, consumers should be able to make purchases at Tk40-45/kg at the retail level.
"People now have the ability to buy onions at this price point. Thus the time has come to think about onions."
Tipu Munshi expressed optimism that Bangladesh will become self-sufficient in onion production by 2025.
The minister said that there is no reason to be concerned about the supply of onions.
"The government is quite cautious about this matter. Will take appropriate steps if things start to deteriorate.
Today's (18 May) briefing was attended by Commerce Secretary Tapan Kanti Ghosh, Director-General of the National Consumer Protection Department AEM Safiquzzaman, and senior officials of various agencies of the commerce ministry.