'Onion price to go down in 24hrs'

The prices of onion, an essential cooking ingredient, will go down in 24 hours because of the government’s measures and for its adequate supply in the market, a member of Bangladesh Tariff Commission (BTC) assures today.

“We have recommended for lowering the LC (Letters of Credit) margin for the onion importers from Myanmar. The central bank has already been asked to reduce the interest rate on import of onion,” said Sha Md Abu Raihan Alberuni, member of Bangladesh Tariff Commission.

Bangladesh has imported onion from Myanmar in 2014 and 2017, to go down the prices of onion in the local market, Alberuni said.

“Please let me know if the prices of onion do not come down within 24 hours,” the BTC member said while he was replying queries of journalists after a press conference at the commerce ministry.

Jafar Uddin, the newly appointed commerce secretary, said the department of consumers rights protection and other agencies of the government have been monitoring the prices of onion in the market.

“The monitoring has been strengthened and we hope that the prices will come down soon,” he said.

The Commerce Ministry held the meeting with the onion traders, importers and wholesalers to discuss the measures to bring down the skyrocketing prices of onion in the local markets.