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Paddy stocks to be released to control market prices

Oct 28, 2010 5:08:08 AM - itnnews.lk

Minister Johnston Fernando has said stocks of paddy in the Government storage facilities will be issued to the market to control the price of rice if the unscrupulous traders will increase the price. .

He said there is a buffer stock of paddy and the price of rice has considerably dropped. Therefore the Government does not see the need to control the price. As such the price control has been lifted. However, he said traders will not be permitted to increase the prices as they wish. The Government possesses 200,000 tons of paddy in the storage facilities. If traders increase prices, these stocks can be released to the market. The Minister pointed out that if necessary, the price control will be re-imposed.