The Inspectorate department of the Ministry of Commerce and Industry (MOCI) says there will be vigilant in monitoring and inspecting warehouses and business entities for compliance against rice price hike.

Two days ago, the MOCI announced a pending increase in the price of rice due to several factors.

In that release the Minister stated that based on continued discussion with the importers and other stakeholders, it was agreed that adjustments would be made after reviewing other cost drivers that would necessitate further engagements.

Subsequently, the President, Joseph N. Boakai, met with the rice importers and other stakeholders; predicated upon evolving possibilities, he took a decision that there will be no increase in the price of rice on the market.

Meanwhile, the circular issued on Wednesday, May 22, 2024, under the signature of Minister Amin Modad underscored the government's commitment to maintaining rice price stability and market availability.

According to him, the Government and rice importers still remain engaged in addressing their concerns, particularly regarding the increasing costs of doing business and bottlenecks as raised by them.

The Ministry of Commerce & Industry is reassuring the public that there is no shortage of rice on the market or further increase in the price of the commodity as is being speculated.

The Ministry of Commerce & Industry is cautioning the general business community to sell the 5% Indian Parboiled rice at the stipulated price of US$16.75 per bag.

Any entity or individual found hoarding, hiking, or creating other forms of artificial shortage of the commodity on the market, will face the full weight of the law.