Potato prices across Bangladesh have plunged below BDT 20 (USD 0.18) per kilogramme from BDT 25 (USD 0.23) a month ago, leaving farmers reeling from losses even as the government struggles to contain the market glut.

The Bangladesh Cold Storage Association (BCSA) has requested the government to suspend potato imports to protect the country's farmers from a financial disaster.

With national elections scheduled for January 7, 2024, the Bangladesh government has implemented measures to address the alarming surge in potato prices.

Bangladesh Commerce Ministry, in a report, says high prices are the result of price manipulation by a syndicate of cold-storage owners.

Potato prices in Bangladesh are soaring even though farmers this year grew a record 1.04 crore tonnes, cutting the buying power of consumers, especially fixed and low-income people already battered by sustained high inflation.

Frequent power outages in Bangladesh are driving up the costs of potato storage, ultimately burdening people already struggling with escalating prices of essential food items.

The annual demand for potatoes in Bangladesh is about 9 million tons. The Bangladesh Cold Storage Association (BCSA) urged the government to provide a BDT 9 (USD 0.11) subsidy per kilogram of potato stored in various cold storages in the country.

Potato was sold for Tk 42 to Tk 48 a kg in retail markets in the capital yesterday, a day after the government fixed the retail price at Tk 35.

Commerce Minister of Bangladesh, Tipu Munshi on Saturday said Bangladesh has a surplus production of potato after meeting domestic demand. Bangladesh intends to export the surplus.