| GEO Business|
| Bumper rice crop benefits trickle little to consumers|
| Updated at: 1348 PST, Saturday, March 28, 2009|
KARACHI: The price of rice in the local market is seen slightly down despite 4 million tons of surplus rice available in the country, while the global market rice price has also plummeted by 60 percent.
At the advent of 2008, along with the global market price-hikes in oil, gas, food and beverages, the prices of rice had also surged and Basmati price had gone swirling up to $2200 per ton, but later after a drop in the international market rice prices by 60 percent and despite having bumper crops in the country, Pakistan rice prices are not seen any significantly fallen.
Karachi Retail Grocers Group (KRGG)ís general secretary, Farid Quraishi said that Irri, Sehla and Basmati prices were seen surging by Rs18, Rs40 and Rs45 to Rs60, Rs150 and Rs160 per kilo respectively, but now Irri being sold at Rs34 on the average, while Sehla and Basmati at Rs100 per kilo i.e. still 100 percent up by its initial prices.
Current season production of rice in the country is expected reaching at 7.6 million tons, while demand is at 2.4 to 2.6 million tons. Thus, 4 million tons of surplus rice will be exported.