The Ministry of Trade and Industry has brokered a crucial agreement with rice importers in a bid to address the escalating prices of rice.

According to a statement issued by the Ministry on Wednesday 27th March 2024, after extensive consultations, importers have agreed to offer a 50kg bag of parboiled rice at a wholesale rate of SLE 840.00 to the general public.

The ministry, in collaboration with rice importers, pledges to closely monitor global market fluctuations, freight expenses, local transportation charges, and other cost determinants contributing to the surge in rice prices.

Moreover, the Ministry of Trade and Industry emphasizes its commitment to enforcing price stability. Retailers are hereby cautioned against selling above the stipulated price of SLE 900.00 per 50kg bag of parboiled rice.

This development comes on the heels of a high-level meeting convened by the Parliamentary Oversight Committee on Trade and Industry, where rice importers voiced grievances over exorbitant taxes and demurrage fees incurred at the port.