Government to sell onion to control prices

The government has decided to sell onion at fair price in a move to control market as prices of the cooking ingredient have increased following India’s decision to curb exports.

After India imposed an $850 per tonne minimum export price on onion on Friday, prices started to rise in Dhaka on Saturday.

On Sunday, retail prices of both local and Indian onions in the capital rose up to Tk 80 with a maximum hike of Tk 30 per kg.

Commerce Minister Tipu Munshi sat with officials to discuss the situation in the afternoon.

The ministry said in a statement that the government decided to sell onion through Trading Corporation of Bangladesh or TCB, which sells essential products on trucks to keep prices down.

The ministry also said it asked the Bangladesh Bank to take steps to lower LC margin and cut interest rate for onion import.

The ports were asked to ensure quick release of imported onions, according to the statement.