The persistent surge in potato prices has become a cause of concern for the low and middle class consumers in the country.
Potatoes are currently fetching prices ranging from Tk 65 to Tk 70 per kilogram in Dhaka’s retail market.
Despite various attempts to control this price surge, the government has failed to contain the market.
This deregulation of the potato market has persisted for the last two months.
In an attempt to curb the soaring prices, the government has granted permission to the Ministry of Agriculture to import 1.07 lakh tonnes of potatoes.
But as of now, only 77 tonnes have been imported. Earlier, the Ministry of Commerce has set price limits not only for potatoes but also for eggs and onions.
Consumer rights campaigns and market surveillance were carried out for several days, but these efforts proved totally futile.
But the agriculture minister has placed blame on syndicates of cold storage owners for the abnormal price hike.
Consumer rights protection directorate also pointed fingers at syndicates.
The decision to import potatoes has raised questions, especially since the Ministry of Agriculture has cited a surplus in production compared to domestic demand.
This leaves us pondering why the prices of this agricultural product have reached historic highs in the local market.
The ministry at that time claimed a record production of 10 million tonnes, a million tonnes more than the annual requirement of the country.
The maximum demand for potatoes in the country is estimated at 8.5 million tonnes, including 0.8 million tonnes for seeds.
Earlier on October 30, the Ministry of Commerce issued a notice asking interested importers to apply for permission to import potatoes.
On the same day, the ministry also directed deputy commissioners to ensure that potatoes are sold at the government-fixed price of Tk 35-36 per kg from November 1 at the retail markets.
However, potatoes are being sold at Tk 65-70 per kg in the capital’s kitchen market this week.
The question that arises is, when new potatoes arrive in the market after a month, how realistic is the decision to import the product? Reining in the potato price hike like those of many other kitchen market products appears to be too challenging.
Only efficient market monitoring and intervention by the authorities concerned can be a potential deterrent to artificial market crisis.
