The Government is making all-round efforts to have domestic economy stability and development. In contrast, some rice entrepreneurs have excessively raised price of rice in domestic rice market, aiming to destabilize the domestic economy. In this regard, security organizations have investigated 58 rice entrepreneurs who are related to 102 rice storage warehouses, 25 rice mills, and seven shops and 53 shopping centres and supermarkets in major cities of various regions and states including Nay Pyi Taw to determine whether they sell rice at an excessive price rate rather than the monthly market price set by the Myanmar Rice Federation or not. According to the findings:
- It is identified that 27 rice entrepreneurs have raised the price of rice by 10% rather than the monthly market price, 24 entrepreneurs by 11% to 30%, and seven persons by 31% to 70%.
- 24 rice entrepreneurs who raised the price of rice by 11% to 30% will be faced fines and taxation on their profits.
- Seven persons who raised the price of rice by 31% to 70% will be prosecuted under Section (5) of the Important Goods and Services Act enacted in 2012.
- It is scrutinized that one food store in shopping centres and supermarkets has raised the price of rice sacks with different weights by 20%, 30 shopping centres and stores altogether have raised the price by 21% to 50%, and 22 shopping centres have raised the price by 51% to 70% .
- 30 shopping centres and stores altogether that have raised the price by 21% to 50% will face fines and taxation on their profits.
- Four responsible persons from 22 shopping centres who have raised the price by 51% to 70% will be subject to action under Section (5) of the Important Goods and Services Act enacted in 2012.
Such a significant surge in domestic price of rice caused severe difficulties for consumers, harming stability of the State’s economy. Accordingly, those manipulators will be taken harsh legal action under the law. The public is also requested to provide secret information to the concerned security organizations if they find the sales of rice at a higher price rate rather than the monthly market price set by the Myanmar Rice Federation, it is reported.
Source: MWD (1-7-2024)
- 58 rice entrepreneurs and responsible persons of 53 shopping centres and supermarkets who raised rice prices rather than affordable prices have been arrested and taken actions.
- Such a significant surge in domestic rice price caused severe difficulties for consumers, harming stability of the State’s economy.
- The public is also requested to provide secret information to the concerned security organizations if they find the sales of rice at a higher price rate rather than the monthly market price set by the Myanmar Rice Federation.