Trading Corporation begins open market sale of onions

The state owned Trading Corporation of Bangladesh (TCB) has started selling onions in the capital at a subsidised price.

They are being sold for Tk45 per kg in a bid to bring down the price of this widely consumed item in local markets.

"TCB started the open market sale of onions yesterday in a bid to curb the price of this essential item," said Humayun Kabir, spokesperson of TCB.

The spokesperson added that a person can buy up to two kilograms of onions from dealers' trucks at 10 different places in the capital, including Farmgate, Mohammadpur, Mirpur-14, Kochukhet, Jatrabari, Sayedabad, Motijheel and from in front of the National Press Club. Each truck carries 1000 kg of onions.

The number of trucks will be increased if the onion collection can be increased, said the spokesperson. 

The TCB is arranging this sale on the directive of the commerce ministry because the price of onions in retail markets has risen by Tk15 to Tk20 per kg in the last three days. 

A reporter from The Business Standard found that the price has gone up in almost all the markets of the capital, including those in Jurain, Gendaria, Doyaganj and Hatirpool. 

Traders are charging Tk70 to Tk80 for a kilogram of locally-produced onions, while the imported ones are being sold for Tk60 to Tk62 per kg. 

Sabuj Hossain, a consumer, said, "I bought one kg of onions for Tk60 last week, but now it is being sold for Tk80. This price hike is unacceptable."

India has increased the export price of onions to $850 per tonne to contain the price hike in its domestic market.

The price of locally-grown onions have also gone up because stocks are reducing, said Humayun Kabir.

The sale will continue until further notice. 

Experts, TCB officials and traders say that locally grown onions will be readily available in the market by the second week of November, and the price will go down by then.