Onion prices started to fall in the kitchen markets amid a rise in the supply of newly harvested bulb onion across the country.
Different verities of onion were selling at Tk 80-Tk 120 per kg on Saturday, down from Tk 140-Tk 240 a week earlier.The prices of a few varieties of onion dropped below Tk 100 per kg in the retail market for the first time since September, according to traders in the capital.
They said the supply of locally produced seed onion has increased in the market as farmers started to harvest the onion, also known as murikata.
Murikata and imported Egyptian and Turkish varieties of onion were selling at Tk 80-Tk 120 per kg while local old hybrid and imported Burmese varieties were selling at Tk 150-Tk 190 per kg at different kitchen markets in the capital on Saturday.
Farmers in Jhenaidah, Kushtia, Meherpur, Rajbari, Faridpur, Pabna, Natore, Bogra and elsewhere in the country started harvesting the murikata onion.
Traders purchased seed onion at Tk 70-Tk 76 a kg on Wednesday evening and were selling those at Tk 80-Tk 84 a kg, said Arif Hossain, a trader at Mohammadpur Krishi Market on Saturday.
Consumers are preferring local onions over Egyptian and Turkish verities, being sold at Tk 50-Tk 62 per kg depending on its quality.Market insider said onion price will come down further if the current supply trend continues for a few weeks.
Onion prices started skyrocketing since mid-September.
The government has taken different initiatives including market monitoring, import onion from others source and sale of onions at a subsidized price by the Trading Corporation of Bangladesh (TCB) to stable the onion market.
According to Trading Corporation of Bangladesh (TCB) the price of onion was Tk 80-100 per kg on October 17, Tk 90-100 per kg on October 18, Tk 100-115 on October 26, Tk 120-130 on October 31, Tk 125-145 on November 12, Tk 135-155 on November 13, Tk 150-170 on November 14 and Tk 180-220 on November 15.
Bangladesh’s annual demand for onion is 33 lakh tonnes. DAE’s field service wing director Chandi Das Kundu said this year DAE fixed the target to produce 23.810 lakh tonnes of onion from 2.110 lakh hectors of land.
The DAE official also said they are trying to increase the onion cultivation from 23.810 lakh metric tonnes to 25 lakh metric tonnes through introducing a vertical extension of onion cultivation.