GoL Descends On Businesses Increasing Rice Price -Vows To Police Arbitrary Hike of the Commodity’s Price

The Ministry of Commerce and Industry says it has been observed that retail businesses are consistently increasing the retail price of a bag of rice on the market despite the fact that they are still purchasing at the wholesale price of USD $13.00.

The Ministry has made it crystal clear that the approved Government of Liberia’s retail price for a bag of rice is USD$13.50 to not exceed USD $14.00.

“Unfortunately, we are receiving reports that instead of the Government’s approved retail price of USD$13.50, some businesses are selling a bag of rice up to USD$22.00,” the Ministry said in a release issued yesterday.

“This is illegal, totally unacceptable and must stop now!”

While in the midst of addressing concerns of global increases affecting the wholesale price of rice, the Ministry of Commerce and Industry continues to receive reports that rice importers are refusing to sell to retailers and the general public which is unacceptable and bears major consequences.

The Ministry is strongly discouraging panic-buying, hoarding and selling above Government’s approved price. Those found engaging in such activities will be closed down immediately and penalties will be imposed!

The public is advised to call the Ministry’s Hotline numbers at 0776512224 or 0886552058 to report any violation.

Meanwhile, the Inspectorate Division of the Ministry of Commerce and Industry says it will be vigilant to compel full compliance to this regulation.