Pakistan Rice Prices Reach Unprecedented Levels

Following Indian government's decision to impose complete ban on export of non-Basmati rice varieties, profiteers and hoarders in neighboring Pakistan have raised the country's domestic rice prices to unprecedented levels.

According to experts, higher world market prices are influencing the domestic market, as exporters want to increase the quantum of exports to maximize their profits.

Market sources say that prices of Irri-9 rose to Rs 40,000 to Rs 42,000 PMT showing steep rise of Rs 2,000 in last couple of days. Similarly Irr-6 rice reached at Rs 28,000 PMT.

Following the global hike in rice prices, many countries have revived policies by taking appropriate measures to ensure smooth supply in their domestic markets. China, India, Vietnam, Cambodia and Egypt exports to save their stocks and curb food inflation.