MRF urges members to maintain reference prices for stability

Myanmar Rice Federation (MRF) called for member companies to strictly adhere to the set reference prices while carrying out rice transactions, according to its notification (16/2024) released on 4 December 2024.
The Department of Consumer Affairs under the Ministry of Commerce issued reasonable market prices every month. MRF urged rice millers, wholesalers, retailers, depot owners, merchants and traders to follow the reference prices to make transactions. Additionally, the federation asked them not to manipulate the market in terms of quality or prices.
Yet, price-gouging sales posts are spreading on social networks. Some unscrupulous traders are allegedly attempting to hike the prices of Shwebo Pawsan and Ayeyawady Pawsan varieties during the harvest season of new paddy, the MRF’s notification stated.
Therefore, MRF thereby notified again not to store locally consumed rice varieties such as Shwebo Pawsan, Ayeyawady Pawsan, Ayeyamin, Ayeyapadetha, Magyantaw and Manawthukha for the purpose of price manipulation. They were asked to comply with the reference prices again.
Those aforementioned rice varieties are not designated for export so merchants cannot raise excess prices by reason of the export market and negative impacts of natural disasters. If consumers find those kinds of fake news, they are considered as social media manipulation.
The MRF announced that the warehouse operators and wholesalers need to seek registration on Myanmar Rice Online (MyRO) through www.myro.com.mm for procurement of more than 2,500 baskets of paddy and over 25 tonnes of rice by 24 December 2024, according to the directives of the Ministry of Commerce.
MRF warned that overpricing, sales with inaccurate measurement and quality and non-compliance with directives are subjected to fines, taxation and prosecution under Section 5 of the Essential Supplies and Services Law. Thus, rice millers, rice shops, traders and merchants are encouraged to strictly adhere to the rules. — NN/KK