Despite adequate stock of onions in the market, the increase of Tk 20 per kg within a week is a matter of concern. Not only price of onions, but also price of edible oil, flour, garlic and lentils are on the rise. It is seen in the market that onion is being sold at Tk 60 per kg in the retail market.
Traders and stockists claimed import of onions has remained suspended from India for several months. The closure of trade with India has been extended to 14 June. The price of onions is likely to go up further if the import does not resume.
Retailers say onion yields have increased in the country this year. Although Indian onions are not being imported right now, there is a plenty of onion stocks in the market. People concerned think that the market manipulation by a section of unscrupulous traders is responsible for the increase in prices. Earlier, such a crisis was created in Bangladesh as India stopped exporting onions. Like Covid-19 jabs, dependence on India alone in case of onions is not expected.
On the other hand, in the Dhaka market, the prices of fine, medium and coarse rice have gone up by another Tk 1 to 2 per kg in a week. Fine rice is now being sold at Tk 62 to Tk 66, which was available at Tk 60 to Tk 64 two days ago. Coarse rice rice is being sold at Tk 50 to Tk 52 per kg, which was earlier between Tk 48 and Tk 50.
The price of rice is not decreasing as the price of paddy is high. The price of flour has also increased by an average of Tk 2 per kg.
According to the Trading Corporation of Bangladesh (TCB) data on Friday, the price of fine rice has gone up by 1.67 per kg, medium rice by 11.58 per cent and coarse rice by 8.14 per cent in the last one year.
The price of unpackaged flour has increased by 3.33 per cent per kg. The price of unpackaged soybean oil has gone up by 38.89 per cent per liter, bottled soybean by 34.88 per cent and unpackaged palm oil by 75 per cent.
It can be accepted if the price of a product increases by 2-3 per cent in a year. But if the price goes up by 20-25 per cent in one or three weeks, it cannot be usual. Those who are creating the market unstable are always out of reach.
We often see the commerce ministry officials are occasionally meeting with the traders and fixing the prices of the goods, but later the decision is not implemented. Traders raise prices arbitrarily. Even though the prices of imported products like edible oil have been increasing from time to time, there is no one to check.
A quarter of traders increases the price of a product by Tk 5 per kg if the price in the international market increases by Tk 2. A few influential businessmen do this unethical act through syndication. Market surveillance needs to be strengthened to break this syndicate. In order to maintain the smooth supply, it is necessary to ensure the supply of daily essentials through TCB.