No rise seen in ‘basmati’ price

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‘Citizens rely on rice supplied by state’

KUWAIT CITY, Aug 28: The Ministry of Commerce and Industry sources said no artificial hike in rice prices is seen at the moment. However, several cooperatives have stated that the recent decision by the Indian government to set a minimum price for exported basmati rice will have limited impact, as citizens predominantly rely on rice supplied by the state, reports Al-Anba daily. This decision is not expected to deter cooperatives from rejecting price hikes by suppliers without consulting the Union of Cooperative Societies. Conversely, wholesalers in the Shuwaikh area have conveyed that basmati rice prices have remained stable for six months. In contrast, the prices of white rice have recently surged by about 800 fils for a 20-kilogram bag due to India’s suspension of its export.

Despite India’s decision to impose a minimum export price of $1,200 per ton for basmati rice, wholesalers expect the Ministry of Commerce and Industry’s vigilant market oversight will prevent a rise in basmati rice prices in Kuwait. The representatives of the cooperative societies emphasize their substantial strategic stocks of basmati rice, with quantities sufficient for more than six months. They assert their commitment to adhering to decisions made by the Federation of Cooperative Societies and reject any price hikes not authorized by an official circular. They highlight Kuwait’s substantial supply of locally grown subsidized basmati rice, underscoring the government’s past initiative to cultivate the staple food in India.

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