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Government sets up distribution points to counter high prices

Dec 16, 2010 News

… Rice, sugar hoarding

Following claims by consumers of sugar and rice shortages, Government, through the Ministry of Agriculture’s New Guyana Marketing Corporation has announced that they have established a number of distribution points for this weekend.
The Ministry, in a release yesterday, said that it “will be undertaking an anti-price gouging exercise” so as to ensure that the price for rice and sugar remains stable following reports of wholesalers and distributors arbitrarily increasing the prices of these commodities.
“This is the initial phase and will continue indefinitely.”
The Ministry also warned that special teams from the Guyana Rice Development Board and the Guyana Sugar Corporation will be investigating reports and take necessary action against those found guilty of hoarding rice and sugar.
“There is adequate supply of rice and sugar for local consumption.”
White rice will be sold at $400 per gallon while brown rice will be retailed at $540. Sugar will be sold at: $60 per pound at the points, the Ministry said.
On Tuesday, Minister of Agriculture, Robert Persaud, warned that they are monitoring the situation and could set up depot points across the country as early as this weekend.
Questioned about the recent concerns raised by shop owners and consumers alike, the Minister insisted that it is unlikely that both of the key commodities could be short.
Rather, there is enough rice available and adequate sugar being allocated countrywide to meet the Christmas demands.
The government official noted that although the country has exported a record 304,000 tonnes of rice, according to early December figures, the mills and other areas have enough stocks on hand to supply the local market.
Persaud believes that the problem more likely has to do with middlemen who are taking advantage of the situation. In the case of rice, with world prices looking favourable, it may be a case of some dealers hedging their prices against the overseas ones.
Stressing that he has no problems with farmers benefitting from higher prices, Persaud was however concerned whether these high prices on the local market were actually being filtered down to them.
On Monday, GuySuCo denied that the local market is suffering from a shortage of sugar. The Corporation also warned that consumers should not pay blackmarket prices.
As of December 14, the price of sugar remained the same, with the wholesale price for a 110-lb bag set at $5,000. The recommended retail price is $6,000 for the same 110-lb bag or $55 per pound.
GuySuCo stressed that the sugar sold monthly to an approved list of wholesalers, distributors, retailers and manufacturers is adequate to meet the market.
However, retailers claimed that they were paying as much as $7,500-$8,000 per bag.

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