Commerce Minister Tofail Ahmed today said there was no syndicate behind the onion price hike in the country.
"There were no activities of syndicate behind onion production, import and marketing of onion in the country," the minister said this while responding to a query placed by independent member M Rustam Ali Farazi of Pirojpur-3 in the house.
The annual demand of onion in the country is nearly 22-25 lakh tonnes while country's production is about 17.50 lakh tonnes, he said, adding that our production shortage is 7 lakh tonnes in comparison of our demand, reports BSS.
So, we meet our demand by importing onion from the international market particularly from India, Tofail said.
Even India has fixed the minimum export price of per tonne onion to 850 US dollars as India incurred the loss in onion production due to severe flood during the May-June period.
Side by side, the price of local onion also rose abnormally in the local market as the prolonged flood has hampered the local onion stock and production, the minister clarified.
That's why, the onion price suffered spiral hike in the local market due to higher export price, he added.