'Selling per kg onion at below Tk 55 impossible'

Commerce Minister Tipu Munshi on Sunday said onion import has begun with the government help but for the time being it is not possible to reduce prices of the key cooking ingredient at below Tk 55 per kg at the consumer level.

"Calculating all costs, including traders' profit and importers' commission, it was found that bringing down prices of per kg onion at below Tk 55 at the consumer level is not possible in any way," he said.

The minister came up with this comment at Economic Reporters Forum's (ERF) Best Reporting Award-2020 giving ceremony held at capital Dhaka's Purana Paltan.

In the country, there is an onion shortage in September every year which around 90 percent demand is met by neighbour India but this year it stopped exporting the ingredient due to its own scarcity that caused the high prices, Minister Tipu said.

The government has utilized last year's experience of unusual situation in onion market and taken preparation to keep the prices stable, he added.