Myanmar Rice Federation (MRF) called for its affiliated companies, millers and traders to sell and buy the rice at a reasonable market price.
The federation notified on 21 September paddy reference price for 2023 monsoon paddy to ensure trading at reasonable market prices.
The MRF discussed in detail with the Department of Consumer Affairs regarding issuing the reference prices to steer the market and plans to control the rice prices to be adaptable to the paddy reference prices.
The reasonable market prices are issued for November, setting K58,000-60,000 per 108-pound sack of Aemahta rice (25 broken), K60,000-62,000 for Aemahta rice (15 broken), K62,000-64,000 for Aemahta (10-5 broken), K65,000-70,000 for Ayamin, Ayeya Padaytha, special Aemahta rice varieties (25 broken), K70,000-75,000 for Ayamin, Ayeya Padaytha, special Aemahta rice varieties (15 broken) and K75,000-80,000 for Ayamin, Ayeya Padaytha, special Aemahta rice varieties (10- 5 broken) and K75,000-80,000 for Ayeyawady Pawsan rice. The reasonable market prices for high-grade Shwebo Pawan rice will be issued in December during the harvest time.
However, the price difference is five per cent between the retail and wholesale market and 12 per cent for modern trade with consumer packaging at mini marts, according to the MRF.
In describing reasonable market prices, the federation considered the following factors; 30 to 50 per cent of fair profit for the farmers, four per cent of profit for millers (two per cent for rice milling investment and two for maintenance), five per cent for distributors, last year’s market price, global market prices, other commodities prices and creating reasonable prices to lessen the consumer’s burden. — NN/EM
