Bangladesh

The potato market is destabilized due to syndicate manipulation.

Naharin Jannat
5 months Ago

Despite various measures, it has not been possible to reduce market prices. Prices of essential commodities are continually rising due to manipulations by syndicates. Although the government has reduced tariffs on various imported goods to control prices, the benefits are not reaching ordinary consumers. The price of potatoes has now reached such a level that it cannot be found below 70 taka per kilogram. Even imported potatoes are being sold at double the price. According to the Agricultural Marketing Department, the production cost of potatoes is around 14 taka per kilogram, and the farmgate price should be around 19 taka. After accounting for all expenses, the reasonable market price for potatoes should be 46 taka, but due to syndicate activities, it is being sold at an extra 24 taka per kilogram.


According to the Trading Corporation of Bangladesh, potatoes are currently being sold for 65 to 75 taka per kilogram, which is approximately 41% higher than the same time last year. CAB General Secretary Advocate Humayun Kabir Bhuiyan believes unscrupulous traders and cold storage owners are controlling the market, creating an artificial shortage to raise prices. The lack of adequate market monitoring has further intensified this issue. Despite district commissioners and superintendents of police, there are limited inspections in cold storages. In Munshiganj, a vast stockpile of potatoes remains unsupplied, which is driving up prices.


On September 5, the NBR reduced the import duty from 25% to 15% and removed the 3% regulatory duty on potatoes. However, even after large-scale imports, potatoes are still not available for under 70 taka. Traders say that potato stocks in cold storage are running low, and heavy rains in October delayed potato seed planting, causing delays in the new harvest. Consequently, both syndicate influence and these factors are responsible for the price increase.



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