Onion price drops by Tk 40 per kg amid supply of newly harvested varieties

Onion prices dropped by Tk 40 per kg on Monday, thanks to the arrival of newly harvested Murikata and summer varieties in the markets, market sources said.

On Monday, Murikata onion was retailing at Tk 100 per kg, imported onion at Tk 180, and local variety at Tk 200 per kg. A day before, Murikata onion was selling at Tk140, imported one at Tk210, and local variety at Tk 240 per kg.

Ministry of Agriculture sources said around 5.71 lakh tons of onion have been produced from July to December of the current fiscal year 2023-24.

This is 1.55 lakh tons more than produced during the same period period of the previous fiscal.

Agriculture Minister Mohammad Abdur Razzaque said on Monday that there is enough supply of onion in the market, and so there is no reason for the abnormal price hike.

He said around 50,000 tons of onion is on the way to Bangladesh from India as per earlier LCs. Also the supply of newly harvested onion increased in the market. So, the price of onion will come down to a normal level within a week, said the minister.

However, Bashir Uddin, an onion wholesaler of Karwan Bazar told this correspondent that the supply of onion increased Monday in the market, and prices also decreased compared to the previous two days.

He said that the volume of new arrivals is increasing every day speedily as the farmers are getting a good price now.

Bashir also said the raid of law enforcers against illegal hoarding of onions has helped bolster the supply of old onions in the market.

Badal Chandra Biswas, Director General of the Department of Agriculture Extension (DAE) said that each year Murikata onion is cultivated on about 50 thousand hectares of land, producing about 8 lakh tons.

This year, summer onions have been planted on about 500 hectares of land, with harvest expected at about 50 thousand tons.

He also mentioned that these Murikata and summer varieties of onion have started coming in the market and it will be available for 3 to 3 months and a half.

After that, the main variety of onion will start coming in the market and the production may be around 26 to 28 lakh tons this year, he said.

Biswas said that high high-yielding variety of onion was cultivated on vast tracks of land this year with prospects of higher production.