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Flour price decrease…

Nov 19, 2008 News

Commerce Ministry to meet with bakers

Minister with responsibility for Commerce, Manniram Prashad, is slated to meet with bakers today so as to discuss the 17 percent reduction in the price of flour, which was announced yesterday by the National Milling Company (NAMILCO).
At a press conference held yesterday at the Ministry of Tourism, Industry and Commerce, Minister Prashad said that he will meet with the bakers to ensure that they pass down the benefits of the reduced price to the consuming public, while noting that there are some unscrupulous bakers.
“I think that some of them are already planning to implement the reduction, since the acquisition cost will be below pre-subsidy level so it is only natural that the price of wheat products will come down significantly,” Minister Prashad told reporters.
When questioned if the ministry has any measures in place to sanction any baker who refused to reduce their price, Prashad said that his ministry will have to examine their options, but is hoping that the bakers would be good corporate citizens and reduce their prices.
“We have been working with them throughout the entire process. They had accepted the subsidy from government, and we expect them to act in good faith and hope that they would reduce the price.”
As it relates to how long the reduction would be in place for, Minister Prashad explained that the prices for wheat are continuously falling on the world market, and he does not expect flour prices to be increased again anytime soon.
“I don’t want to build people’s hope up too early, but I’m expecting to see a further fall in the acquisition price for wheat on the world market,” Minister Prashad said.
Meanwhile, Prashad said that he welcomed the reduction in flour prices by the milling company and commended NAMILCO for bringing some amount of relief to consumers.

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