RICE PRICES TO OPEN TO NEW MARKET DEMANDS

And while the Bureau of Standards has been desperately trying to keep the retail price of sugar at the control price of 50 cents per pound until 1st January when the price is to jump by 50% to 75 cents per pound, the bureau has also been observing the controversy in the rice industry. The controversy is as a result of the importation of 3 container loads of rice from Guyana by importer Jack Charles, which he wanted to sell under the label of JC Rice at 69 cents per pound. well today the Bureau of Standards fired off another press release, this time announcing a decrease in the Controlled price of Grade C rice. it states that Grade C Rice will retail at a maximum  wholesale price of 80 cents and will retail at 90 cents per pound countrywide. Note that this is a maximum price and not a minimum or floor price. There are 3 other classes of rice; Extra A premium, Grade A and Grade B.  The Bureau of standard states that these THREE higher grades of rice will now be determined by market forces; which means that the price will be set by competition. The new price regime is set to take effect two days before christmas, on december 23rd; which will allow rice still existing in the market to be absorbed. Government hopes that this new Statutory Instrument signed on DEcember 11 will help local farmers to recoop investments in their rice production.  When we contacted one major rice Miller, they were NOT aware of the press release but we believe that by tomorrow we will be able to get a response from the Industry as well as from Importer jack Charles.

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