• Tuesday, Jun 19, 2018
  • Last Update : 08:44 pm

Commerce minister: No syndicate behind onion price hike

  • Published at 08:44 pm January 30th, 2018
Commerce minister: No syndicate behind onion price hike
Commerce Minister Tofail Ahmed has said there is no syndicate behind the onion price hike in the country. “There is no involvement of syndicates in production, import and marketing of onions in the country,” he said while responding to a query placed by independent lawmaker M Rustam Ali Farazi of Pirojpur 3 constituency in parliament. The annual demand of onion in the country is nearly 2.2 million tons to 2.5 million tons, while country’s production is about 1.7 million tons, he said, adding: “Our production shortage is 0.7 million tons in comparison with our demand. “So, we meet our demand by importing onions from the international markets, particularly from India.” India has fixed the minimum export price of per ton of onions at $850, as the country incurred massive losses in onion production due to severe floods during the May-June period last year. Prices of local onions, too, rose abnormally in domestic markets, as prolonged floods hampered Bangladesh’s onion stock and production, Tofail clarified.