Onion prices soar overnight

Prices of both local varieties and imported onions rose by over 50 Tk a kg in Dhaka markets in just a day.

Prices started rising by Tk 10-20 a kg at markets in Dhaka on Friday following the media reports on India extending curbs on the export of onions till 31 March 2024 to control the price and supply of onions at local markets.

Onion prices, however, skyrocketed by over 50 Tk a kg on Saturday morning.

Visiting the kitchen markets in the capital’s Malibagh, Magbazar, Rampura and Karwan Bazar, traders were seen selling local varieties of onions at Tk 180-200 a kg and imported onions at Tk 160-190 a kg.

Since the quality of locally produced onions was not that good, most customers were seen purchasing imported onions.

Besides, big-sized onions imported from China were being sold at Tk 120-130 a kg and nearly-arrived onions with leaves at Tk 80-90 a kg.

Customer Quamrul Islam talked to Prothom Alo in the capital’s Malibagh kitchen market.

He said, “I run a mess, and I purchased Indian onions at Tk 130 a kg on Friday morning, but I bought it at Tk 180 a kg today, Saturday. I thought prices would not increase since new onions are arriving in the markets. So, I did not stock the onions, but what happened now, what more I can say.”

As the quality of imported onions was good and the price was low, he purchased it, Quamrul Islam added.

Traders who had a prior stock of onions were selling the staples at a lower price while newly arrived onions were being sold at higher prices. Retailers alleged wholesale traders increased onion prices overnight.

Receipts of retail traders show local varieties of onions were sold at Tk 175-195 a kg and imported onions at Tk 155-180 a kg in Shyambazar wholesale markets on Saturday morning.