Setting the Price of a Kilo of Rice and a Fine of 5 Million Pounds for Violators

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Wednesday - 21 September 2022 - 10:57 AM

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Many anticipate a significant drop in rice prices over the next few days following the implementation of the decision regarding rice pricing. The Official Gazette published Prime Minister Mostafa Madbouly's decision regarding setting the price of a kilo of white rice on Friday, and it states that it will be used on the day after its publication and will be used for a period of three months. 

 

 

A kilo of packaged white rice cannot cost more than 15 pounds, while a kilo of unpackaged "loose" white rice cannot cost more than 12 pounds, according to a decision made in the issue dated 9-6-2022. The decision emphasized the need for all stores, shops, and other outlets to comply. Selling by declaring the white rice selling prices indicated in places visible to buyers.

 

 

The decision also stressed not to violate any more severe penalty stipulated in any other law. Anyone who violates the decision shall be punished with a fine of not less than 100,000 pounds and not more than 5 million pounds, according to the text of Article 22 bis c of the Law on Protection of Competition and Prevention of Monopolistic Practices.