Rice prices average above rate stipulated by Govt
- 5opn1
- October 31, 2024
- Business News
- Rice prices
- 0 Comments
Despite the government regulating prices for Nadu rice at Rs. 220, prices have averaged Rs.235 a kilo in the market, according to recent reports.
At a recent meeting with President Anura Kumara Dissanayake and the CAA, rice millers agreed to release Nadu rice to the market at Rs.218/kg. However, the Weekly Food Commodities Bulletin published by the Hector Kobbekaduwa Agrarian Research and Training Institute for the 18th- 24th of October states that Nadu grade I has an average price of Rs.235/kg, well above the established control price of Rs.220.
“Compared to the same period of last year, wholesale price of all local rice varieties has increased in the range of 8%-20%”, the report said.
The report also states that prices of raw red and Nadu grade I have increased by Rs.4.00/kg and price of raw white has increased by Rs.3.00/kg. “Price of Nadu grade I, Nadu grade II, raw red and raw white have increased in the range of 1%-3% due to unavailability of sufficient stocks and price ranged Rs.220.00-230.00/kg, Rs.215.00- 220.00/kg, Rs.205.00-212.00/kg and Rs.208.00-215.00/kg,” it said.
Since January to this September, there have been approximately 600 cases of vendors selling above the control price set for rice, Consumer Affairs Authority (CAA) Director of Raids and Special Investigation, Sanjaya Irasinghe said. “The CAA will take legal action against those selling above the maximum retail price,” he said.
Section 60 of the Consumer Affairs Authority Act No.9 of 2003 grants the CAA the ability to penalize any entity violating price controls on essential items, including food. Under the 2021 amendment, offenders can face fines ranging from 100,000 to 500,000 rupees or imprisonment for up to six months for a first offense, with higher fines and up to one year of imprisonment for repeated violations. Corporate entities can be fined up to 10 million rupees for recurring violations.
A Senior Officer of the CAA said that officers are stationed district- wise to collect details of stocks of paddy to verify that there are sufficient stocks of rice available in the market to fulfill requirements.
Acting General Director of the CAA, J.M Thilakarathna further said gazette notifications on the maximum retail price have been issued, price controls for Kiri Samba are Rs.260/kg, Rs.230/kg for Samba, Rs.220/kg for Nadu and Rs.210/kg for white and red rice.
