Following India's decision to lift the ban on onion exports after five months, the price of imported onions in the country has decreased by Tk10 per kg within a day.
Low-income individuals in Hili express satisfaction with the reduced prices. Importers anticipate further declines as onion shipments begin to arrive.
A visit to Hili Bazar on Sunday afternoon revealed an increase in the supply of local onions across all shops. While onions were sold at Tk70 per kg on Saturday, traders are now offering them at Tk60 per kg on Sunday.
Sabuj Hossain, a shopper at Hili market, said: "Onion prices have remained high since Eid, soaring from Tk50 to Tk70-75. The inflated prices have made it challenging to manage household expenses, compelling me to reduce my purchase. Today (Sunday), I could buy at Tk60 per kg."
Ashraful Islam, a Hili resident, noted: "The price dropped by Tk10 per kg on Sunday following news of imports resuming on Saturday. Traders had hiked prices due to limited supply. Suddenly, there's an abundance of onions in all shops on Sunday. Yet, Indian onions have not yet arrived, suggesting market manipulation by traders. We urge the government to intervene and regulate the onion market."
Abul Hasnat, an onion vendor at Hili Bazar, mentioned that the country had relied on domestic onions for several months due to import suspensions.
He explained: "Market supply was sufficient, but prices began rising after Eid. Many traders stockpiled onions around Eid-ul-Azha, causing prices to soar to Tk70. Following India's decision to lift the export ban on Saturday, imports are expected to resume shortly. Market supply surged upon this news, prompting stockpile holders to release their reserves. Prices have decreased by Tk300-400, allowing us to sell at lower rates. With imports resuming, further price reductions are anticipated."
