(BSS) - Onion prices have dropped sharply in the past 24 hours as the government has granted permission to import onions through Hili land port in the district.

According to market sources, the price of onions has decreased by up to Taka 20 per kilogram, a shift that is being closely watched by both buyers and sellers.

The announcement of the import permission has already started to impact the local market, with reports suggesting that the price of onions, which was recently sold at Taka 100 per kg, has now been reduced to Taka 80 per kg.

A visit to the Hili Land Port market on Saturday afternoon revealed a noticeable improvement in the supply of domestic onions, which is contributing to the declining prices.

Traders said that the increased availability of onions has helped stabilize the market, with some predicting that the prices may drop further if the supply from India continues.

Ali, a regular buyer in Hili market, Onion prices have increased... just last week, I bought onions for around Taka 60 to 65 per kg, but the price suddenly shot up to Taka 100. Since the government allowed imports, the price has fallen again by Taka 20 per kg. I hope it stays affordable for the customers."

Shoppers are calling for more stability in prices, as the sudden swings in onion costs have made it difficult for them to plan their purchases.

Golam Mustafa, an onion seller in Hili Bazar, explained that the price hike was primarily due to a sudden decrease in the supply of domestic onions towards the end of the local harvest season.

"A few days ago, the price of onions increased by Taka 10 to 15 per kg, and I was selling onions at Taka 100 per kg. After the government`s import decision, prices have begun to drop," Mustafa said.

He added that this reduction in prices has been a relief to both sellers and buyers, and they hope the trend will continue with the expected influx of imported onions.

Shakhawat Hossain Shilpi, president of the Hili Land Port Importers-Exporters Association, confirmed that some importers have already opened Letters of Credit (LCs) to bring onions from India.

"We expect the imported onions to arrive at Hili land port in the next two to three days, which will further ease the pressure on the local market," Shilpi said.

The arrival of imported onions is anticipated to bring much-needed relief to consumers, particularly as the prices of domestic onions fluctuate during the end of the local season.

As the situation unfolds, both buyers and sellers in the region are keeping a close eye on the supply dynamics, with hopes that the government`s move to allow onion imports will provide long-term stability to the market.