The commerce and food ministries have agreed to set benchmark prices for rice across wholesale and retail levels to combat market manipulation. Violators selling rice above these prices will face punitive action. The opening of letters of credit (LCs) for essential products, such as oil, sugar, and pulses, has increased by 10%-15% from July to January compared to the previous year.
The food ministry stated that there is no shortage of rice in the market and no need for imports. The meeting discussed the role of middlemen and traders in the unusual price increase. The government plans to take disciplinary action against entities destabilizing the market and will import rice if necessary. Fisheries and Livestock Minister emphasized strict measures against market manipulators, including scrapping licenses and stopping clearance. The allegation that the import of daily commodities is disrupted due to a dollar crisis was refuted.
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