MONROVIA, LIBERIA-The Ministry of Commerce says it has observed retail businesses are increasing the retail price of a bag of rice on the market.

According to the Ministry, businesses are carrying out the act, despite purchasing at the wholesale price of thirteen United States Dollars.

A release from the Ministry is quoted as saying the approved Government’s retail price for a big of rice is thirteen US Dollars fifty cents.

However, the Ministry said it is receiving reports that instead of Government’s approved retail price, some businesses are selling a bag of rice up to twenty-two US Dollars.

The Ministry termed such action as illegal and totally unacceptable.

Meanwhile, the Commerce Ministry is urging against panic-buying, hoarding and selling above Government’s approved price.

It said those found engaging in such activities will be closed down with penalties imposed.

At the same time, the Liberian Government wants the public to exercise patience, amid ongoing talks between it and rice importers to ensure stability in the price of the product.

Minister Rennie reiterated Government’s stance against arbitrary hike in the price of rice on the local market, warning against any act of profiteering at the expense of ordinary citizens.

Minister Rennie re-echoed that there is a sufficient stuck of rice on the Liberian market, and as such, and there is no need for panic buying.

By: Nawat Gumeh