TCB asked to start onion OMS as prices skyrocket

Staff Correspondent | Published: 00:00, Sep 16,2019


Commerce ministry on Sunday asked Trading Corporation of Bangladesh to start open market sale of onion immediately as the prices of the item skyrocketed to Tk 75 a kilogram on the city’s kitchen market.

Commerce minister Tipu Munshi at an inter-ministerial meeting at Bangladesh Secretariat asked the TCB officials to start procurement of onion from wholesale market and start OMS with a subsidised rate from today to ease the price of the essential commodity.

The prices of onion increased by Tk 20 a kg in the past three days in the city markets with the local verity of onion was selling at Tk 70-75 a kg and the imported one at Tk 65 a kg on Sunday.

Traders said that the prices of onion increased as India, the major spice import source of Bangladesh, doubled the minimum export price of the item at $850 a tonne.

Acting commerce secretary Md Shafiqul Islam told New Age that the ministry also requested banks for granting low-cost loan for onion import.

Commerce minister also sent letters to ports to release imported onion on priority basis, he said.

Shafiqul said that the ministry would sit with onion importers on Tuesday to evaluate the situation.

‘I think the price of onion would fall as a huge quantity of the commodity is waiting in the ports for release,’ he said.  

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