Dhaka, Bangladesh (BBN)- Prices of onion have skyrocketed hovering at between BDT 50 and BDT 55 per kg at the retail level in the city’s kitchen markets on Saturday, traders said. 
Suspension of Bhomra port and a hike in the importing country are responsible for the volatility in the onion market, they added.
But the commerce ministry has found that onion traders are making hefty profit by raising the price in the name of higher import cost.
The ministry officials held a meeting with onion traders and importers on February 7 last when they assured the ministry officials that onion prices would come down within a week but this was not to be.
A day after the meeting, Indian onion reached its highest rate of BDT 50-55 per kg while the local variety sold at BDT 45 per kg at retail level, which was BDT 48-50 and BDT 38-40 per kg respectively on Friday.
According to the commerce ministry officials, onion that is now available in the local market was imported in January at a rate of BDT 18.62 per kg and its price should be at BDT 26.23 per kg considering all costs.
Onion prices marked a further rise on February 6 last in the local market following the Pashchimbanga Chief Minister’s directive to stop export of the item to Bangladesh, market operator said. 
The prices of onion-a key spice item-went up in India leading to a rise in the essential’s price in the local market. Moreover, a 15-day suspension of import of onion through the Bhomra land port also contributed to the price hike, they said.
 
BBN/SSR/AD-10Feb13-10:40 am (BST)