(BSS) - Citing impending government initiatives and the entry of new onion into the market within short time, Commerce Adviser Sk. Bashir Uddin today said that prices of onion will come down soon.

“The Ministry of Commerce is maintaining a keen eye on the domestic onion market and is prepared to intervene decisively by issuing Import Permits (IPs) if prices do not stabilize within the coming days. New onions are anticipated to enter the market within the next two to three weeks,” he said.

The adviser said this while speaking at a press conference at the Ministry of Commerce conference room in the city.

Based on current supply data, he mentioned that there is no reason for the recent inflationary spiral, assuring consumers that stability is just around the corner.

Regarding the recent price volatility, the adviser attributed to multiple factors, including the natural consequences of heavy rain, the end-of-season drying which reduces onion weight, and the costs incurred by suppliers utilizing new preservation technology.

He highlighted the country`s robust domestic supply, noting that data from the Agriculture Secretary confirms a bumper yield.

“We believe there is no shortage of onions at this moment," he added.

Assessing the current stock, he informed that approximately 3.5 lakh metric tons (MTs) of onions are available nationally.

“Specifically, 85,000 to 87,000 MTs are expected to arrive this month, followed by 2.5 lakh MTs next month, he added.

Furthermore, he said, the government’s proactive measures to support preservation—including the distribution of approximately 10,000 High Flow Machines to farmers—have strengthened long-term market stability.

This preservation capability had kept prices stable around Taka 60 to Taka 65 for a long period, which covered production costs, he also mentioned.

To quickly curb the current price surge, he said, the ministry is actively utilizing the potential of imports as a regulating tool.

The ministry has received around 2,800 applications for onion import permits, he added. "We will monitor the situation for the next four or five days," he added.

He explained that the government is currently holding back immediate IP approval to protect domestic farmers, citing information that plenty of onions have been stockpiled across the land ports.

“If even a small percentage of the pending 2,800 IPs were released immediately, the market would naturally crash, which the government seeks to avoid to ensure farmers are not harmed while consumers are protected,” he added.

He said, "If we see that the market price does not show sufficient improvement or return to a normal state by the end of this week, we will issue the import approvals.”

He emphasized that enforcement bodies, including consumer rights, district administration, and the agricultural department, have been directed to oversee for ensuring stability in the market.

The official concluded by reinforcing the government’s commitment to action, stating, "We are keeping watch, and we will take the necessary steps."