Commerce Ministry Warns Businesses Against Price Hike

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The Ministry of Commerce and Industry has informed the public that there has been no authorized increase in the price of rice in the country as being reported. The Ministry recently announced the reduction in the price of the 25kg bag of 5% broken Indian Parboiled Rice from USD$17.00 to USD$16.75 cents following engagements with the Rice Importers Association. This remains the approved price for the current stock which is expected to last up to June. The Ministry said it  will continue to monitor global as well as local trends and factors impacting the cost of rice on the market with the aim of ensuring that rice is sold at a fair market price. The Ministry also admonishes distributors to ensure that the downward adjustment announced trickles down to the various counties and local communities. The Ministry also said it  will not hesitate to institute the appropriate actions against those found to be culpable of selling above the approved price, hoarding rice, and spreading false information to the public to profiteer or cause panic. The Inspectorate Division of the Ministry of Commerce and Industry vowed to  be vigilant to ensure full compliance.

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