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19 September, 2019 00:00 00 AM / LAST MODIFIED: 19 September, 2019 12:54:18 AM
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Onion: Five OMS spots in Dhaka will not help

ONLY SALE OF ONION AT FIVE POINTS IN THE CAPITAL WOULD HARDLY HELP THE BUYERS OR IMPACT ITS PRICE IN THE MARKET
Onion: Five OMS spots in Dhaka will not help

Following the unusual rise in onion price in the market in the aftermath of export ban by India on the product, the commerce ministry has taken a crash programme to sell onion through truck sale at five places in the capital. To keep the price of this essential vegetable stable or lowering it, the government has no better solution at hand, because Bangladesh depended too heavily on its import from India.

The commerce ministry has now decided to bring onion from other countries including Turkey, Myanmar and China. The whole business of importing onion from these countries would take some time and the commerce ministry then very positively have to continue OMS, not just in the capital, but all over the country.

Only sale of onion at five points in the capital would hardly help the buyers or impact its price in the market. If the government is at all sincere about its OMS step, it must increase the number of sale spots not only in the capital, it would have to start required number of such sale centres all over the country to help consumers everywhere.

For the recent price hike of onion there is a logical reason, but not as much. Even before the Indian ban, onion of local or Indian variety was selling at the market at around Tk 50 per kg. The price of local variety was only a little higher. But following announcement of export ban by India, the price has suddenly shot up to Tk 80 per kg, unusually very high when Indian onion is still in the market. The business people in Bangladesh are so, they always remain on the lookout to find pretext to increase price of commodities they trade and once the price of something is upped, it is very difficult to bring it down to its normal level.

This is the challenge of the commerce ministry and the government’s relevant agencies. That is why the government must always have ready alternatives at hand. To tackle the present crisis, the commerce ministry sent a letter to the Bangladesh Bank to take steps to reduce the LC margin and interest rate in onion imports. This is a good initiative.

 

 

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Published by the Editor on behalf of Independent Publications Limited at Media Printers, 446/H, Tejgaon I/A, Dhaka-1215.
Editorial, News & Commercial Offices : Beximco Media Complex, 149-150 Tejgaon I/A, Dhaka-1208, Bangladesh. GPO Box No. 934, Dhaka-1000.

Editor : M. Shamsur Rahman
Published by the Editor on behalf of Independent Publications Limited at Media Printers, 446/H, Tejgaon I/A, Dhaka-1215.
Editorial, News & Commercial Offices : Beximco Media Complex, 149-150 Tejgaon I/A, Dhaka-1208, Bangladesh. GPO Box No. 934, Dhaka-1000.

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