Deputy Minister of Agriculture and Livestock Namal Karunaratne says that rice prices are expected to fall by the end of this year and the first half of next year in light of the government’s measures to curb the rice mafia.
“The rice mafia becomes active from October to January. During that period, there is a shortage of rice. That is when the government should intervene to protect consumers,” he says.
He also revealed that rice stocks were being strategically held to prevent price increases during this period.
Explaining the government’s plans to prevent price manipulation and protect both farmers and consumers, he says that during this period, the government will sell rice below the maximum retail price, ensuring that competitors cannot increase prices above the maximum retail price.
Responding to a question raised by the media on why rice prices remain high in the market despite recent imports and a steady harvest, Deputy Minister Namal Karunaratne said that in order to further reduce rice prices, paddy prices will have to be reduced. He also pointed out that farmers will be affected.
“We have already increased the price of paddy from Rs. 105 to Rs. 120,” he explained.
Minister Karunaratne also stated that some traders are selling rice at a higher price than the market price, despite regulations.