Publish: 13:30, 26 Nov, 2024 Updated: 19:33, 26 Nov, 2024

Potato market continues to fluctuate

Rise in seasonal traders due to greater profits. Potato prices soar due to unethical traders: CAB General Secretary
Rashed Hossain
Potato market continues to fluctuate
Photo - Collected

The potato market in the country is not facing any visible crisis. While the season for old potatoes is nearing its end, the supply of new potatoes has started. There are now more seasonal potato vendors selling from vans at street corners than before. Despite this, the price of potatoes is still not decreasing.

The Consumer Rights Department, Ministry of Commerce, and task force committees across various districts are overseeing the market in an effort to reduce prices. However, consumers are still facing difficulties as potato prices remain high, with the cost per kilogram not dropping below 75 taka.The cost of slightly better-quality potatoes is even higher, reaching at least 80 taka. Moreover, consumers have to pay double the price for imported potatoes.

Retailers say that currently, potatoes yield more profit compared to any other vegetable. That’s why potatoes are being sold at street corners.

Retailers say the reason for the high potato prices is the damage caused to potato production by the floods, which has led to the increased price of potatoes.

Buyers say that in the past, potatoes were an affordable food for the poor when prices of other essentials went up. People could survive by eating mashed potatoes with rice. But now, the potato market is unstable because of a syndicate Even the potatoes that traders import at lower prices are not available in the market for less than 75 taka. They are importing large quantities of potatoes and selling them at inflated prices, deceiving both the government and consumers.

On September 5, the National Board of Revenue (NBR) issued a notification reducing the existing 25% import duty on potatoes to 15%. At the same time, the 3% regulatory duty on potato imports was completely withdrawn. The reduced tax on potatoes will remain effective until November 30th. However, imported potatoes are still being sold for 75 taka in the market, meaning ordinary consumers are not benefiting from the tax reduction.

The National Consumer Rights Protection Department reports that the cost of importing potatoes from India is between 21.30 and 21.60 taka per kg. When factoring in transportation, additional costs, and profit margins, these potatoes should be sold for 25 to 28 taka. At the wholesale level, the price should range from 30 to 35 taka per kg for consumers. But consumers are paying up to 75 taka per kilogram. This price surge is being driven by importers and the wholesale syndicate operating in Dhaka's Shyam Bazar. It is claimed that the commission-based sales system used by wholesalers is playing a major role in driving up potato prices.

The latest figures from the Trading Corporation of Bangladesh show that potatoes are currently priced between 75 to 85 taka per kilogram in the market. Just last week, the price was 65 to 75 taka, and a month ago, it was 55 to 60 taka. The Department of Agricultural Marketing has stated that the fair price for potatoes at the consumer level is 46 taka per kilogram. They explained that potatoes are now being sold for 70 to 80 taka per kg. Before the reduction in tax, they were priced between 50 to 60 taka. A month ago, potatoes were priced between 50 to 60 taka, while around the same time in 2023, the price ranged from 40 to 45 taka.

Advocate Humayun Kabir Bhuiyan, the General Secretary of the Consumers Association of Bangladesh (CAB), has pointed out that unscrupulous traders are responsible for the inflated potato prices. He highlighted that these traders are artificially driving up the price by throwing potatoes into rivers, yet still refusing to sell them at lower prices.

Deceptive potato traders have effectively held the entire country’s consumers hostage. They are convinced that by selling potatoes at 75 taka, they can make twice the profit, and even if some potatoes spoil, they don’t face any loss. In this scenario, we believe that the government agencies have not been doing enough to help. Had they effectively monitored the market, this price hike could have been prevented.

Bd-pratidin English/ Afia

More News
RMG workers protest in Gazipur demanding unpaid dues, Eid bonus
RMG workers protest in Gazipur demanding unpaid dues, Eid bonus
BEZA invites foreign investment in ambitious NSEZ project in Ctg
BEZA invites foreign investment in ambitious NSEZ project in Ctg
'Govt creating ecosystem to make business operations much easier'
'Govt creating ecosystem to make business operations much easier'
Prof. Yunus urges Trump to postpone tariffs on Bangladeshi exports
Prof. Yunus urges Trump to postpone tariffs on Bangladeshi exports
Exports witness 11.44% growth in March
Exports witness 11.44% growth in March
Country's economy expands in March, PMI reaches 61.7
Country's economy expands in March, PMI reaches 61.7
BB triggers Tk 9 billion startup fund for new entrepreneurs
BB triggers Tk 9 billion startup fund for new entrepreneurs
Trading opens with gains at Dhaka, Chattogram stock exchanges
Trading opens with gains at Dhaka, Chattogram stock exchanges
Vessel carrying 12,700 MT rice arrives at Ctg port from Vietnam
Vessel carrying 12,700 MT rice arrives at Ctg port from Vietnam
Stocks plunge as markets anticipate rapid US rate cuts
Stocks plunge as markets anticipate rapid US rate cuts
Bangladesh opens 4-day summit to boost direct foreign investment
Bangladesh opens 4-day summit to boost direct foreign investment
Islami Bank MD sent on mandatory leave
Islami Bank MD sent on mandatory leave
Latest News
Palestinian ambassador thanks Bangladeshis for protests
Palestinian ambassador thanks Bangladeshis for protests
2 hours ago | National
No need to panic over suspension of export orders: Press Secretary
No need to panic over suspension of export orders: Press Secretary
2 hours ago | National
Honey harvesting begins in Sundarbans' Satkhira range
Honey harvesting begins in Sundarbans' Satkhira range
3 hours ago | City
RMG workers protest in Gazipur demanding unpaid dues, Eid bonus
RMG workers protest in Gazipur demanding unpaid dues, Eid bonus
3 hours ago | Business
Philippine envoy meets Chief Adviser
Philippine envoy meets Chief Adviser
3 hours ago | National
Miraz shortlisted for best sportsperson of the year
Miraz shortlisted for best sportsperson of the year
4 hours ago | Sports
US citizens in Dhaka warned of travel risks
US citizens in Dhaka warned of travel risks
4 hours ago | National
Daffodil University suspends lecturer for opposing student solidarity strike for Gaza
Daffodil University suspends lecturer for opposing student solidarity strike for Gaza
4 hours ago | National
‘Swadhinata Concert’ rescheduled in solidarity with protest against Israeli genocide
‘Swadhinata Concert’ rescheduled in solidarity with protest against Israeli genocide
4 hours ago | National
I strongly oppose any displacement, annexation in Gaza, West Bank: Macron
I strongly oppose any displacement, annexation in Gaza, West Bank: Macron
5 hours ago | International
11 jailed, including 7 ex-Sonali Bank officials, for Tk 1.38 crore embezzlement
11 jailed, including 7 ex-Sonali Bank officials, for Tk 1.38 crore embezzlement
5 hours ago | National
Ukraine to send delegation to US next week for talks on new mineral deal
Ukraine to send delegation to US next week for talks on new mineral deal
5 hours ago | International
BEZA invites foreign investment in ambitious NSEZ project in Ctg
BEZA invites foreign investment in ambitious NSEZ project in Ctg
5 hours ago | Business
'Redrawing the map, climate change threatens national security'
'Redrawing the map, climate change threatens national security'
5 hours ago | National
34% of Americans trust ChatGPT—But not for legal or medical advice
34% of Americans trust ChatGPT—But not for legal or medical advice
5 hours ago | Tech
'Govt creating ecosystem to make business operations much easier'
'Govt creating ecosystem to make business operations much easier'
6 hours ago | Business
Prof. Yunus urges Trump to postpone tariffs on Bangladeshi exports
Prof. Yunus urges Trump to postpone tariffs on Bangladeshi exports
6 hours ago | Business
Brook named new England white-ball cricket captain
Brook named new England white-ball cricket captain
6 hours ago | Sports
249 killed in 11 days of Eid road accidents across Bangladesh: RSF
249 killed in 11 days of Eid road accidents across Bangladesh: RSF
6 hours ago | National
The Attraction and Potential Hazards of AI Lovers
The Attraction and Potential Hazards of AI Lovers
7 hours ago | Lifestyle
Consensus Commission aims for national reform agreement by mid-July
Consensus Commission aims for national reform agreement by mid-July
7 hours ago | National
Bangladesh strongly condemns attacks on Gaza, calls for ceasing military operations
Bangladesh strongly condemns attacks on Gaza, calls for ceasing military operations
7 hours ago | National
Exports witness 11.44% growth in March
Exports witness 11.44% growth in March
7 hours ago | Business
Trump says he’s not backing down on tariffs
Trump says he’s not backing down on tariffs
7 hours ago | International
Policeman dispersed protesters without charging baton to get President’s medal
Policeman dispersed protesters without charging baton to get President’s medal
7 hours ago | National
Babar Ali conquers Annapurna-1 as first Bangladeshi
Babar Ali conquers Annapurna-1 as first Bangladeshi
8 hours ago | National
King Charles III shrugs off health scare to begin Italy visit
King Charles III shrugs off health scare to begin Italy visit
8 hours ago | International
Bandarban Court sends ARSA chief Ataullah to jail after bail rejection
Bandarban Court sends ARSA chief Ataullah to jail after bail rejection
8 hours ago | National
China vows 'stable' relations with S. Korea after Yoon impeachment
China vows 'stable' relations with S. Korea after Yoon impeachment
8 hours ago | International
Nasir impresses with the ball on competitive comeback after ICC ban
Nasir impresses with the ball on competitive comeback after ICC ban
8 hours ago | Sports
Most Read
Uncertainty surrounds around 800 million in Bangladeshi shipments
Uncertainty surrounds around 800 million in Bangladeshi shipments
14 hours ago | Special
BB triggers Tk 9 billion startup fund for new entrepreneurs
BB triggers Tk 9 billion startup fund for new entrepreneurs
10 hours ago | Business
249 killed in 11 days of Eid road accidents across Bangladesh: RSF
249 killed in 11 days of Eid road accidents across Bangladesh: RSF
6 hours ago | National
Bangladesh Hockey team finalizes squad for AHF Cup
Bangladesh Hockey team finalizes squad for AHF Cup
16 hours ago | Sports
10 healthy drinks to start your day
10 healthy drinks to start your day
10 hours ago | Lifestyle
‘Swadhinata Concert’ with leading musicians in four cities on Friday
‘Swadhinata Concert’ with leading musicians in four cities on Friday
16 hours ago | Entertainment
Dollars costlier despite ample reserves
Dollars costlier despite ample reserves
13 hours ago | Special
Bangladesh erupts in protests against Israeli massacre in Gaza
Bangladesh erupts in protests against Israeli massacre in Gaza
11 hours ago | National
Fingerprint not working
Fingerprint not working
13 hours ago | Special
‘A Minecraft Movie’ gives Hollywood major box office boost
‘A Minecraft Movie’ gives Hollywood major box office boost
13 hours ago | Entertainment
Country's economy expands in March, PMI reaches 61.7
Country's economy expands in March, PMI reaches 61.7
10 hours ago | Business
Vessel carrying 12,700 MT rice arrives at Ctg port from Vietnam
Vessel carrying 12,700 MT rice arrives at Ctg port from Vietnam
11 hours ago | Business
Bangladesh opens 4-day summit to boost direct foreign investment
Bangladesh opens 4-day summit to boost direct foreign investment
13 hours ago | Business
Mild heat wave sweeps over nine districts: Met office
Mild heat wave sweeps over nine districts: Met office
11 hours ago | National
Protect your hair this summer from beach water
Protect your hair this summer from beach water
11 hours ago | Lifestyle
Harvard study reveals 17 risk factors for brain diseases
Harvard study reveals 17 risk factors for brain diseases
11 hours ago | Lifestyle
Trading opens with gains at Dhaka, Chattogram stock exchanges
Trading opens with gains at Dhaka, Chattogram stock exchanges
10 hours ago | Business
Dhaka's dwellers breathe "moderate" air quality today
Dhaka's dwellers breathe "moderate" air quality today
14 hours ago | City
Bangladesh strongly condemns attacks on Gaza, calls for ceasing military operations
Bangladesh strongly condemns attacks on Gaza, calls for ceasing military operations
7 hours ago | National
July uprising creates atmosphere for free assembly
July uprising creates atmosphere for free assembly
16 hours ago | National
Daffodil University suspends lecturer for opposing student solidarity strike for Gaza
Daffodil University suspends lecturer for opposing student solidarity strike for Gaza
4 hours ago | National
“Israel's genocide and occupation in Gaza must end immediately.”
“Israel's genocide and occupation in Gaza must end immediately.”
12 hours ago | City
World Health Day today
World Health Day today
13 hours ago | Lifestyle
Babar Ali conquers Annapurna-1 as first Bangladeshi
Babar Ali conquers Annapurna-1 as first Bangladeshi
8 hours ago | National
Policeman dispersed protesters without charging baton to get President’s medal
Policeman dispersed protesters without charging baton to get President’s medal
7 hours ago | National
Prof. Yunus urges Trump to postpone tariffs on Bangladeshi exports
Prof. Yunus urges Trump to postpone tariffs on Bangladeshi exports
6 hours ago | Business
Bandarban Court sends ARSA chief Ataullah to jail after bail rejection
Bandarban Court sends ARSA chief Ataullah to jail after bail rejection
8 hours ago | National
Israeli forces raid cities, refugee camps in West Bank
Israeli forces raid cities, refugee camps in West Bank
15 hours ago | International
Trump says he’s not backing down on tariffs
Trump says he’s not backing down on tariffs
7 hours ago | International
Nasir impresses with the ball on competitive comeback after ICC ban
Nasir impresses with the ball on competitive comeback after ICC ban
8 hours ago | Sports