To push down escalating rice prices:

PMB releases buffer stocks

Chaminda PERERA

Cooperative and Internal Trade Minister Jonston Fernando yesterday directed the Cooperative Wholesale Establishment (CWE) to begin processing the paddy stocks purchased by the Paddy Marketing Board (PMB) during the last season.

These processed stocks would be issued to the local market gradually to avert a possible increase in prices of rice. The Minister arrived at this decision at the price control meeting held at the Ministry yesterday.

The committee chaired by the Minister noticed that the prices of rice in the local market have slightly increased due to the Government’s decision to purchase a kilo of Nadu from paddy farmers at Rs 28 and a kilo of Samba at Rs 30. Minister Fernando added that the Government decision to purchase Nadu and Samba at Rs 28 and Rs 30 gave an advantage to the paddy farmers though the prices of rice in the open market saw a slight increase. The Minister with the agreement of committee members decided to process a part of buffer stock to avert a possible price hike in the local market.

He was of the view that this decision would protect the consumers and the paddy farmers.

Minister Fernando said that the Ministry has been maintaining a paddy buffer stock of 200,000 Metric tonnes to avert possible price hike and rice shortage in the local market.