PMB releases buffer stocks

Chamikara Weerasinghe

The Paddy Marketing Board (PMB) started releasing its buffer paddy stocks from yesterday on the orders of Co-operatives and Internal Trade Minister Johnston Fernando.

Board Chairman K B Jayasinghe yesterday said the buffer stocks are being released to ensure that there will be no rice shortage in the market during the festive season.

No trader will be able to create an artificial shortage of rice during December, he said. The Paddy Marketing Board has arranged to release 70,000 to 75,000 metric tonnes of paddy during the month from its buffer stocks, he said.

“We have over 180,000 metric tons of paddy in our reserves,” he said.

The Board has commenced releasing its paddy stocks to Sathosa outlets and all its co-operative retail outlets islandwide.

The market price of Samba rice will be maintained at less than Rs 70 per kilo while Naadu rice will be less than Rs 60, he said.

“We buy one kilogram of paddy at Rs 30 from the farmers,” he said.

Asked from Minister Fernando whether they could further bring the price of rice down, he said that it is the production cost of converting paddy into edible rice involved in packing, transport and processing that gives rise to rice prices.

“We have to protect the farmers too,” he said and added “Nevertheless, we will not let the price of Samba rice to go up in the market.”