Onion prices reached Tk90 per kg on Friday, showing a staggering 100% increase within a month.
The vegetable was selling between Tk42 and Tk45 per kg nearly a month back, according to trading sources.
As prices of the cooking staple show no sign of calming down amid severe market volatility, Commerce Minister Tipu Munshi on Friday said that the government would consider allowing onion import.
“If the price of onions does not decrease within the next one or two days, the government will consider importing it,” said the commerce minister in Rangpur.
The minister said that the prices of essential commodities are currently under control, except for onions and sugar.
Despite the government setting sugar prices at Tk120-125 per kg on May 4, the actual prices remain as high as Tk140-150 per kg.
"We do not control the market of raw produce as it falls under the purview of different ministries," said Tipu Munshi.
However, he assured reporters that the overall situation is not dire, as fluctuations in raw produce prices are natural.
He also attributed temporary price hikes in the perishable market to factors such as adverse weather conditions and transportation issues.
The minister emphasized that, apart from onions and sugar, the prices of essential commodities are currently convenient.
Addressing the instability in the sugar market, the minister expressed concern over unscrupulous traders taking advantage of global price fluctuations.
"We have set the prices. However, this is yet to be effective in the market," said the minister.
Meanwhile, the Commerce Ministry has sent a letter to the National Board of Revenue (NBR), requesting the continuation of the duty rebate facility on sugar imports until August 31 due to a significant increase in global sugar prices.
SM Nazer Hossain, vice-president of the Consumers Association of Bangladesh (CAB), commented that consumers are facing a dire situation when a government minister openly admits that prices of certain essential commodities are beyond their control.
The Bangladesh Trade and Tariff Commission (BTTC) recently released a report revealing that a group of refiners were manipulating the local market for essentials such as sugar.
Hossain urged the authorities to take strict action against these wrongdoers based on the findings of the BTTC report.