Colombo, 17 April, (Asiantribune.com): The Government imposed price control over retail and wholesale prices for rice with effect from midnight yesterday (April 16).
Trade, Marketing development, Co-operative Development and Consumer Affairs Minister Bandula Gunawardane said that this decision was taken following a meeting at Temple Trees under the patronage of President Mahinda Rajapaksa with Agriculture, Nation Building and Trade, Marketing Development, Co-operative Development and Consumer Affairs Ministers and Ministries secretaries.
In addition Minister Gunawardane said that as the Consumer Protection Authority (CPA) has declared rice as an essential commodity from last January, the price of rice cannot be increased by the traders without the permission of the Authority.
According to the yesterday’s gazette notification, one kilo samba will be offered with a maximum retail selling price set at Rs. 70. Nadu will be priced at Rs.65, Rathu Kekulu (Rs.65) and Sudu kekulu (Rs.55)
In the wholesale market one kilo of samba will be priced at Rs.63, Nadu (Rs.58), Rathu kekulu (Rs 58) and Sudu kekulu (Rs. 48).
In the meantime according to today’s exchange rate 1.00 USD = 107.870 LKR
- Asian Tribune -
Comments
At Last it is the way to
At Last it is the way to control the rice price. But it not just a rule there should be a way to check whether it is being implemented.
The main question here is
The main question here is that "is Sri Lanka turning towards the failed economic poplicies of the early 60s to mid seventies?. Price controls are bound to fail unless it is used as a temporarry measure.
In the long run it is the market that detrmines prices
Good Luck wise guy who yhought of this measure!
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