The Minister of Supply, Dr. Ali Al -Moselhi, said that the crisis of high rice prices in the markets came from speculative merchants who do not have a commercial record or an industrial record.
During a news conference today, Al-Moselhi added that it is the least that can be said to label this behaviour as a bad practise by merchants when they raise commodities prices generally while taking future prices into account.
The Minister of Supply emphasised that the ministry will combat the rise in prices by boosting the pumping of commodities in the markets through its outlets at the outlets of my association and consumer complexes, so that the pumping of rice, sugar, and oil will be increased. He added that there is an expanded meeting with the senior struggling chains and wholesale and a half traders tomorrow to boost production and supply of rice, sugar, and oil. In pre-dollar rise marketplaces, any adjustment in the price of goods should not occur three months before the exchange rate changes.
No one can predict when the Russian-Ukrainian war will end, he said, so we must be in a condition of unity with our strengths and capabilities to get through this crisis without manipulating the populace. He went on to say that the meeting will involve all participants in the food industries.
He emphasised that a million tonnes of wheat are anticipated to be imported up until the end of the current fiscal year, and that the strategic reserve of wheat is sufficient for 5. 1 months, or until next April. He also noted that the strategic reserve of oil is sufficient for 5. 3 months.
He stated that there are no shortages of any commodities and that all things are generally available. He also mentioned that the strategic store of basic commodities is safe and sufficient for several months.
The Minister of Supply’s initial statement on the rice situation is urgent.
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