Ministry of Commerce and Industry warns Businesses to immediately stop increasing the prices of rice in the country.

In the wake of the reported increase in rice prices in the country, the Ministry of Commerce and Industry has threatened to immediately close down businesses that are found engaging in increasing rice prices.
The Ministry said it has observed that RETAIL BUSINESSES are consistently increasing the retail price of bags (25kg) of rice on the market despite they are purchasing at the wholesale price of USD $13.00.
It is alleged that there is a shortage of rice in Liberia.

But a Ministry of Commerce and Industry release said it wants to make it crystal clear that the approved Government of Liberia’s retail price for a 25kg bag of rice is USD $13.50 and the business community in Liberia is urged not to exceed USD $14.00.
The release signed by the Communications Director at the Ministry of Commerce, Jacob Parley, said the Ministry has been 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 or 3, 300 Liberian Dollars.

The Ministry described the action as illegal and unacceptable while threatening to close down the businesses involved.
The Ministry of Commerce and Industry further discouraged panic-buying, hoarding, and selling above Government’s approved price.
Meanwhile, the Commerce Ministry is advising the public to call its Hotline numbers at 0776512224 or 0886552058 to report any violation.
The Ministry concludes that its Inspectorate will be vigilant to compel full compliance with this regulation.


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