Onion prices declining due to govt measures: Ministry
The government has taken up several measures to normalise stock, supply and prices of the key cooking staple this year
The Ministry of Commerce on Thursday claimed that spiked onion prices have started to decline due to several measures taken by the government.
The steps to reign-in onion prices were detailed in a press release of the ministry. According to the commerce ministry claim, strengthened market monitoring and immediate measures to import the key cooking staple have affected the market positively.
"The government has taken up several measures to normalise stock, supply and prices in the light of last year's experiences over soaring onion prices. The steps include communicating with India immediately through diplomatic channels about cancelling the neighboring country's onion export ban," said the media release.
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The commerce ministry also said the revenue board chairman and port authorities have also been instructed to release truckloads of onions in the quickest possible time at land ports. Besides, the government has taken initiatives to cut 5% import duty on onions till next March.
The press release said the agriculture ministry is issuing certificates promptly for onion imports. Commerce ministry and Directorate of National Consumer Rights Protection have strengthened overall market monitoring.
"Deputy Commissioners of onion producing districts have been instructed to ensure that onion supply chains do not have any issue. Moreover, three joint secretaries of the commerce ministry have been sent to the districts for monitoring and necessary measures," it read.
Besides, commerce ministry officials are working at each land port. The cabinet division secretary has asked the divisional commissioners and deputy commissioners for market monitoring. The central bank governor has been asked to render all out cooperation to onion importers including LC opening, said the commerce ministry.
The press release also said, "From September 13, the state-owned trading corporation has been selling onions countrywide at Tk30 per kg. This open market sale will continue until next March. The commerce ministry has initiated huge onion import and sales by the trading corporation this time. Especially, the trading corporation will sell the cooking essential through e-commerce platforms this year."
