Govt imposes $450/ton MEP on potato exports to check price

Govt today slapped a minimum export price of $450 per tonne on potatoes to cool prices.

Tags: minimum export price, MEP, potato, Finance Minister, Arun Jaitley

June 26, 2014 | comments ( 0 ) |

Govt imposes $450/ton MEP on potato exports to check price

By PTI

New Delhi: After onion, the government today slapped a minimum export price (MEP) of USD 450 per tonne on potatoes to increase domestic availability and cool prices.

The Directorate General of Foreign Trade (DGFT) in a notification said that "export of potatoes is permitted subject to MEP of USD 450 per tonne".

The MEP comes into immediate effect, it said.

As part of government's effort to rein in food prices, Finance Minister Arun Jaitley had announced government would impose export curbs in form of higher MEP on onion and potatoes.

While the MEP on onion of USD 300 per tonne was notified on June 17, the same on potatoes was announced today.

Prices of potatoes have risen to about Rs 25-30 per kg in the national capital.

Rising prices of essential food items like vegetables, fruits and cereals pushed up wholesale price index based inflation to five-month high of 6.01 per cent in May.