Rice prices decline due to increased harvesting

WEB DESK: In a significant development, rice prices have experienced a notable 25 per cent decline, a trend attributed to a bountiful harvest this year, according to wholesalers.

Specifically, the price of Irri 6 rice has dropped by Rs25, now standing at Rs125 per kilogramme (kg), while Irri 9 rice is available at Rs190 after a decrease of Rs30.

Similarly, 86 old rice witnessed a decrease of Rs25, bringing its price down to Rs210 per kg, whereas 86 new rice is now priced at Rs161 per kg after a decline of Rs46.

Sella rice, previously priced at Rs335, now costs Rs260 per kg, and Basmati rice, which was at Rs370, is now priced at Rs250 per kg.

Ismail Agar, the Vice Chairman of Wholesale Grocers, pointed out that last year’s floods had adversely impacted the crop.

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However, this year’s surplus yield has led to a significant drop in rice prices.

Agar further revealed that exporters have set an ambitious target to export Rs3 billion in rice, expressing confidence that this goal will be achieved owing to the abundant harvest.

Last year’s robust rice exports have bolstered optimism for meeting this year’s export targets.