The Ministry of Commerce and Industry (MoCI) says there has been no authorized increase in the price of rice in the country as being reported.

The Ministry recently announced reduction in the price of 25kg bag of 5% broken Indian Parboiled Rice from US$17.00 to US$16.75 cents, following engagements with the Rice Importers Association.

In a press release, it says this remains the approved price for the current stock in the country which is expected to last up to June.

The Ministry announces that it will continue to monitor global as well as local trends and factors impacting the cost of rice on the market with the aim of ensuring that rice is sold at a fair market price.

It also admonishes distributors to ensure that the downward adjustment announced trickles down to the various counties and local communities.

The Ministry says it will not hesitate to institute the appropriate actions against those found to be culpable of selling above the approved price, hoarding rice, and spreading false information to the public to profiteer or cause panic.

Meanwhile, the Ministry of Commerce and Industry announces that its Inspectorate Division will be vigilant to ensure full compliance.

The retail price of a 25kg bag of rice has shot up to between US$18 and US$19 here, putting citizens on edge, as rice is Liberia's staple, but does not grow enough to become self-sufficient.