It is peak harvest season, but the price of onion has soared by Tk 10 per kilogram at the capital’s kitchen markets over the last three days.
The prospect of record high onion production is encouraging farmers to expand cultivation, according to the DAE
India's ban on the export of onions has driven up prices of the vegetable for Asian buyers, who are scrambling for cheaper alternatives, particularly as New Delhi is unlikely to lift the curbs before general elections next year.
The prices of onion have shot up despite adequate supply, according to a Bangladesh Trade and Tariff Commission (BTTC) report -- laying bare the extent of market manipulation by a section of dishonest traders.
DNCRP fined four traders in Chattogram Tk 40,000
Prices of onion increased by Tk 100 or more per kg overnight as traders began stockpiling following the news that India had extended a virtual restriction on its export.
Retailers were selling the homegrown variety of onion at Tk 200 a kg at Karwan Bazar today, compared with Tk 130 on Thursday
The government failed to enforce the price cap on onions and potatoes even for a single day since it issued the order about a month ago.
Potatoes, eggs and onions are not being sold at the price fixed by the government at the retail level despite government agencies conducting raids.