Imposed Duty Hinders on Onion Price Reduction

Representational Image || Photo: Collected

Representational Image || Photo: Collected

As imposed duty Hinders on onion price reduction, the Commerce Ministry has requested the National Board of Revenue (NBR) to reduce tariffs on onions, crude soybean oil, palm oil and sugar.

The request was made at a meeting held at noon on Monday (October 11) in the conference room of the Commerce Ministry at the Secretariat with the aim of keeping the stock, supply, import and price situation of daily commodities normal and stable.

Commerce Minister Tipu Munshi joined the meeting online. Besides NBR, TCB, Commerce Ministry officials and business leaders were present.

At the beginning of the meeting, Additional Secretary (IIT) of the Ministry of Commerce AHM Safiquzzaman said that the recent rise in international prices of some essential commodities - edible oil, sugar, onion and lentils - has led to higher prices in the local market. The Ministry of Commerce has taken various steps.

He said the NBR has been requested to withdraw the duty on onion and reduce the duty on unrefined soybean, unrefined palm and unrefined sugar in the public interest at present. The Ministry of Agriculture has been requested to expedite the quarantine examination of imported onions and issue IP.

According to the Ministry of Commerce, the chairman of the land port authority has been requested not to create any congestion in the movement of trucks transporting onions in the border areas.
In addition, two teams led by Commerce Ministry officials are monitoring important markets in the Dhaka City Corporation area every day. Market monitoring is continuing in the districts and upazilas across the country under the leadership of the Deputy Commissioners and Upazila Nirbahi Officers and with the help of the officials of the Consumer Protection Department.

According to the Commerce Ministry, TCB has been selling 400 to 1,000 kg of onions in 400 trucks across the country since September. If necessary, the amount of onion allotment per truck will be increased. Besides, 1,500 metric tonnes of onions have already been procured from India and Turkey. More onions are in the process of being collected.

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