Onion prices dropped by Tk 40 per kg on Monday, thanks to the arrival of newly harvested Murikata and summer varieties in the markets, market sources said.

On Monday,  Murikata onion was retailing at Tk 100 per kg, imported onion at Tk 180, and local variety at Tk 200 per kg. A day before, Murikata onions were selling at Tk140, imported ones at Tk210, and local varieties at Tk 240 per kg.

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Ministry of Agriculture sources said around 5.71 lakh tons of onion have been produced from July to December of the current fiscal year 2023–24.

This is 1.55 lakh tons more than produced during the same period of the previous fiscal.

Agriculture Minister Mohammad Abdur Razzaque told UNB on Monday that there is enough supply of onion in the market, and so there is no reason for the abnormal price hike.

He said around 50,000 tons of onion is on the way to Bangladesh from India, as per earlier LCs. Also, the supply of newly harvested onions increased in the market. So, the price of onions will come down to a normal level within a week, said the minister.

Also read: Onion prices cooling down in Faridpur markets

However, Bashir Uddin, an onion wholesaler at Karwan Bazar, told this correspondent that the supply of onions increased Monday in the market, and prices also decreased compared to the previous two days.

He said the the volume of new arrivals is increasing every day. speedily as the farmers are getting a good price now.

Bashir also said the raid by law enforcers against illegal hoarding of onions has helped bolster the supply of old onions in the market.

Badal Chandra Biswas, Director General of the Department of Agriculture Extension (DAE), said that each year, Murikata onion is cultivated on about 50 thousand hectares of land, producing about 8 lakh tons.

This year, summer onions have been planted on about 500 hectares of land, with a harvest expected at about 50 thousand tons.

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He also mentioned that these Murikata and summer varieties of onion have started coming into the market, and it will be available for 3 to 3 months and a half.

After that, the main variety of onion will start coming into the market, and the production may be around 26 to 28 lakh tons this year, he said.

Biswas said that a high-yielding variety of onion was cultivated on vast tracts of land this year, with prospects of higher production.