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 At the same time, the 3% regulatory duty on potato imports was completely withdrawn.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
Japan PM Ishiba says Trump tariffs 'national crisis'
Japan PM Ishiba says Trump tariffs 'national crisis'
Country’s export sector in deep crisis amid 37% US tariff
Country’s export sector in deep crisis amid 37% US tariff
White House releases AFTP report, signaling major shift in US trade policy
White House releases AFTP report, signaling major shift in US trade policy
Trump uses wrong allegations to justify tariff hikes on Bangladesh
Trump uses wrong allegations to justify tariff hikes on Bangladesh
Gold price declines after hitting all-time high on Trump tariffs
Gold price declines after hitting all-time high on Trump tariffs
Trump's tariffs dull the dollar's safe-haven sheen
Trump's tariffs dull the dollar's safe-haven sheen
Bangladesh imports 10,850MT more rice from India
Bangladesh imports 10,850MT more rice from India
Trade deficit drops by 4.41% in 8 months
Trade deficit drops by 4.41% in 8 months
52 factories closed in Ctg in 6 months, work orders down 25%
52 factories closed in Ctg in 6 months, work orders down 25%
80% of transactions in upscale shopping malls are digital payments
80% of transactions in upscale shopping malls are digital payments
Dhaka urges BIMSTEC members to finalise trade agreements
Dhaka urges BIMSTEC members to finalise trade agreements
Turkiye secures $500m from World Bank to boost jobs in quake-hit region
Turkiye secures $500m from World Bank to boost jobs in quake-hit region
Latest News
China files lawsuit with WTO following US new tariffs
China files lawsuit with WTO following US new tariffs
8 hours ago | International
Yunus-Modi talks in Bangkok will benefit peoples of both countries, hopes Mirza Fakhrul
Yunus-Modi talks in Bangkok will benefit peoples of both countries, hopes Mirza Fakhrul
8 hours ago | National
China hits back at Trump tariffs with 34% tax on US goods
China hits back at Trump tariffs with 34% tax on US goods
9 hours ago | International
BNP to arrange countrywide Swadhinata Concert
BNP to arrange countrywide Swadhinata Concert
9 hours ago | National
India keen in building positive, constructive relations with Bangladesh: Vikram Misri
India keen in building positive, constructive relations with Bangladesh: Vikram Misri
10 hours ago | National
SAFF extraordinary congress held
SAFF extraordinary congress held
10 hours ago | Sports
Elton John says new album 'freshest' since 1970s
Elton John says new album 'freshest' since 1970s
11 hours ago | Entertainment
CA urges Thailand to ease visa procedures
CA urges Thailand to ease visa procedures
11 hours ago | National
Families of Duterte drug war victims demand probe into online threats
Families of Duterte drug war victims demand probe into online threats
11 hours ago | International
Sisu – the Finnish concept of action and creativity in hard times
Sisu – the Finnish concept of action and creativity in hard times
11 hours ago | Lifestyle
Myanmar agrees to take back 1.8 lakh Rohingyas
Myanmar agrees to take back 1.8 lakh Rohingyas
12 hours ago | National
China imposes 34% tariffs on US goods in retaliation for Trump’s trade war
China imposes 34% tariffs on US goods in retaliation for Trump’s trade war
12 hours ago | International
NCP ready to take challenge to contest in 300 seats: Sarjis
NCP ready to take challenge to contest in 300 seats: Sarjis
12 hours ago | National
CA holds bilateral meeting with Sri Lankan premier
CA holds bilateral meeting with Sri Lankan premier
12 hours ago | National
Security 'breakdown' allows armed men into Melbourne's MCG
Security 'breakdown' allows armed men into Melbourne's MCG
12 hours ago | Sports
Hridoy poised to succeed Tamim as Mohammedan Captain
Hridoy poised to succeed Tamim as Mohammedan Captain
13 hours ago | Sports
Pacific nations perplexed, worried by Trump tariffs
Pacific nations perplexed, worried by Trump tariffs
13 hours ago | International
Israel turns two-thirds of Gaza into no-go zones: UN
Israel turns two-thirds of Gaza into no-go zones: UN
13 hours ago | International
Mass grave of Roman-era fighters uncovered in Vienna
Mass grave of Roman-era fighters uncovered in Vienna
13 hours ago | Tech
Prof. Yunus presents photograph to Modi
Prof. Yunus presents photograph to Modi
13 hours ago | National
BIMSTEC secretary general meets CA
BIMSTEC secretary general meets CA
14 hours ago | National
Yunus-Modi meeting fruitful: Press Secretary
Yunus-Modi meeting fruitful: Press Secretary
14 hours ago | National
Europe discontent over Russia for rejecting Trump's truce push
Europe discontent over Russia for rejecting Trump's truce push
14 hours ago | International
7 killed in deadly US tornado
7 killed in deadly US tornado
14 hours ago | International
IMF team to arrive in Dhaka tomorrow
IMF team to arrive in Dhaka tomorrow
14 hours ago | National
Extortion fuels unrest in CHT: Home Adviser
Extortion fuels unrest in CHT: Home Adviser
14 hours ago | National
US tariffs a 'significant risk' to global economy: IMF
US tariffs a 'significant risk' to global economy: IMF
14 hours ago | International
CA holds bilateral talks with Bhutan PM
CA holds bilateral talks with Bhutan PM
15 hours ago | National
Trump unveils first $5 million 'gold card' visa
Trump unveils first $5 million 'gold card' visa
15 hours ago | International
Key decisions ahead for Proteas and Aussies before WTC final
Key decisions ahead for Proteas and Aussies before WTC final
15 hours ago | Sports
Most Read
Dhaka's air 'unhealthy' today
Dhaka's air 'unhealthy' today
22 hours ago | City
Hasina’s extradition, border, water issues featured in Dr Yunus-Modi first-ever talks
Hasina’s extradition, border, water issues featured in Dr Yunus-Modi first-ever talks
17 hours ago | National
Turkiye condemns Israel as greatest threat to regional peace
Turkiye condemns Israel as greatest threat to regional peace
22 hours ago | International
Country’s export sector in deep crisis amid 37% US tariff
Country’s export sector in deep crisis amid 37% US tariff
19 hours ago | Business
Myanmar agrees to take back 1.8 lakh Rohingyas
Myanmar agrees to take back 1.8 lakh Rohingyas
12 hours ago | National
Bangladesh to chair BIMSTEC for 2 years
Bangladesh to chair BIMSTEC for 2 years
19 hours ago | National
Prof. Yunus presents photograph to Modi
Prof. Yunus presents photograph to Modi
13 hours ago | National
Holding polls at earliest possible time top priority: CA
Holding polls at earliest possible time top priority: CA
20 hours ago | National
Bangladesh, Thailand sign MoU to jointly combat corruption
Bangladesh, Thailand sign MoU to jointly combat corruption
16 hours ago | National
Yunus-Modi meeting fruitful: Press Secretary
Yunus-Modi meeting fruitful: Press Secretary
14 hours ago | National
White House releases AFTP report, signaling major shift in US trade policy
White House releases AFTP report, signaling major shift in US trade policy
22 hours ago | Business
Dhaka weather to stay consistent until noon
Dhaka weather to stay consistent until noon
21 hours ago | City
CA seeks humanitarian channel in Rakhine to stop further displacement
CA seeks humanitarian channel in Rakhine to stop further displacement
19 hours ago | National
Bangladesh set for relentless cricket calendar through early 2027
Bangladesh set for relentless cricket calendar through early 2027
17 hours ago | Sports
IMF team to arrive in Dhaka tomorrow
IMF team to arrive in Dhaka tomorrow
14 hours ago | National
Deadly fire on Gaza ambulances possible Israeli 'war crimes': UN official
Deadly fire on Gaza ambulances possible Israeli 'war crimes': UN official
21 hours ago | International
NCP ready to take challenge to contest in 300 seats: Sarjis
NCP ready to take challenge to contest in 300 seats: Sarjis
12 hours ago | National
Sisu – the Finnish concept of action and creativity in hard times
Sisu – the Finnish concept of action and creativity in hard times
11 hours ago | Lifestyle
Mild to moderate heat wave sweeps over many districts
Mild to moderate heat wave sweeps over many districts
17 hours ago | National
Veteran Bollywood actor Manoj Kumar dies
Veteran Bollywood actor Manoj Kumar dies
16 hours ago | Entertainment
US tariffs a 'significant risk' to global economy: IMF
US tariffs a 'significant risk' to global economy: IMF
14 hours ago | International
Europe discontent over Russia for rejecting Trump's truce push
Europe discontent over Russia for rejecting Trump's truce push
14 hours ago | International
Israel kills at least 112 Palestinians in past 24 hours
Israel kills at least 112 Palestinians in past 24 hours
17 hours ago | International
CA seeks Thai elite’s support for ASEAN membership
CA seeks Thai elite’s support for ASEAN membership
16 hours ago | National
BIMSTEC secretary general meets CA
BIMSTEC secretary general meets CA
13 hours ago | National
Japan PM Ishiba says Trump tariffs 'national crisis'
Japan PM Ishiba says Trump tariffs 'national crisis'
18 hours ago | Business
Trump unveils first $5 million 'gold card' visa
Trump unveils first $5 million 'gold card' visa
15 hours ago | International
Mass grave of Roman-era fighters uncovered in Vienna
Mass grave of Roman-era fighters uncovered in Vienna
13 hours ago | Tech
Israel turns two-thirds of Gaza into no-go zones: UN
Israel turns two-thirds of Gaza into no-go zones: UN
13 hours ago | International
China imposes 34% tariffs on US goods in retaliation for Trump’s trade war
China imposes 34% tariffs on US goods in retaliation for Trump’s trade war
12 hours ago | International