Commerce Minister Tipu Munshi on Tuesday said the price of onion will come down by the end of July.
"Price of a number of essential commodities including onion, ginger and garlic are high due to the damage of crops during the monsoon.
Besides, the import of onion, ginger and garlic was suspended from India and China," he said after a meeting with deputy commissioners (DCs) at the Secretariat.
"Onion prices will stabilise in 15 days," he said, reports UNB.
Replying to a question, the minister said a directive was given to the DCs to take necessary steps to prevent businesses from making extra profits or destabilise the market by creating artificial crisis.
The DCs have been asked to keep vigil to prevent food adulteration, he said.
The prices of onion doubled in Dhaka's markets within a week. Although traders claimed it was due to short supply and inclement weather, people accused unscrupulous traders of creating an artificial crisis ahead of Eid-ul-Azha for extra profits.
The local variety of onion was being sold at Tk 50-60 while the imported ones cost Tk 40-45 per kg in the capital. A week ago, the local variety of onion cost Tk 30-35 and the imported ones Tk 20-25, traders said.