India: Potato prices drop as cold storages clear stock

Expectations of a bumper potato crop this year has made cold storage owners begin clearing their stock with zeal resulting in a steep drop in wholesale prices of potatoes. Potatoes, which according to quality were fetching wholesale prices between Rs4 and Rs11 per kg, just a week ago, are now being sold at Rs1.5-Rs6 per kg. In the retail market, prices of potatoes have climbed down from Rs18-Rs22 per kg to Rs11-Rs15 per kg. Speaking on the price drop of potatoes, Kishorekumar Lachhmandas Paryani, a trader in APMC, Ahmedabad, said, “The old stock is being released from cold storages thus leading to the drop in prices.” Paryani said last year’s crop was bountiful and thus the volume of potatoes stocked in cold storages was higher than usual. More