State Trading Organization (STO) said they have received the new potato shipment and will release it to the market on Tuesday.
STO said this while prices of potatoes had hiked alarmingly, reaching almost MVR 500 per sack.
A sack of potatoes was available at MVR 200 at the beginning of Ramadan.
Speaking to VNews on Monday, STO Supermart’s senior manager Hamdhoon Saeed said the shipment arrived in Male’ on Monday night. They are working to clear the new shipment and bring it to the market by Tuesday, he said.
Hamdhoon said the new shipment is the third one brought specifically for Ramadan. Each shipment is estimated to run out in 7 to 10 days, whereby a new one arrives, he said.
STO sells potatoes at MVR 9 per kilogram and MVR 200 per sack. For sales of more than 50 sacks, the price is MVR 190 per sack.
Hamdhoon said when the new shipment hits the market there would be a MVR 10 increase to the latest price. The increase is not due to difficulty in acquiring potatoes, but rather due to the increase in price in the global market.
“The price of the last two potato shipments was also higher than normal but we sold it without increasing the price. However, the new shipment is more expensive than the previous two, so we had to increase the cost”, Hamdhoon said.
Meanwhile independent merchants in the country had stated that the price hike was due to difficulty in getting potatoes. Thus, it is unlikely the price will decrease in the near future, as independent sellers cannot acquire potato shipments, while STO imported them at high prices.