Consumers’ group wants govt to address rice market manipulation claims

The Consumers’ Association of Penang (CAP) has called upon the government to address the alleged manipulation within the local rice market.

In a statement, the association reported allegations of traders stockpiling local rice and subsequently reselling it at inflated prices.

“We believe that if the government takes necessary action, any attempt to manipulate the market by vested interests will not succeed.

“If monitoring by the authorities is lax, irresponsible elements will exploit the situation and manipulate the market to increase profit.

“Therefore, the authorities must be vigilant and crackdown on those manipulating the market,” the group said.

Yesterday, the Agriculture and Food Security Ministry announced a cap on the sale of local white rice to 100kg per customer until the supply normalises.

The ministry said that the move was aimed to address disruptions in the rice supply market where traders were found buying up to 700kg of rice.

In addition, the ministry’s paddy and rice regulatory division director-general Azman Mahmood also denied allegations of manipulation within the local white rice supply.

He emphasised that the ministry had not received any official complaints and regarded the allegations as baseless.

Meanwhile, CAP also expressed concern over the country’s domestic production of white rice.

“In the 1970s, domestic production met 75 percent of rice demand in the country. However, in recent years, only 60 to 65 percent of local rice demand can be produced,” CAP said.

The association highlighted a report that showed about a 30 percent decrease in the amount of local rice purchased per season at factories over the past 10 years, while imported rice is increasing.

“This trend is worrying as it shows that we are developing a growing dependence on imported rice,” it added. - Mkini