KUALA LUMPUR: The floor price of padi has been adjusted to RM1,500 per tonne, up from the RM1,300 per tonne prior to this and will take effect from Feb 16.
The government will also maintain the price of local white rice at RM2.60 per kg by absorbing approximately RM150mil in production costs for six months.
The Agriculture and Food Security Minister Datuk Seri Mohamad Sabu said this during the Minister's briefing on the current situation of the rice and padi in the country in Dewan Rakyat on Thursday (Feb 13).
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He said that the price adjustment considers rising labour costs and agricultural input expenses, such as fertilisers and pesticides. This move is expected to impact rice production costs and market prices.
The Ministry is currently finalising negotiations with the Domestic Trade and Cost of Living Ministry and the Finance Ministry to extend diesel subsidy eligibility under the Budi Madani Program to service providers in the paddy and rice industry.
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Additionally, he said the government will maintain the price of Local White Rice at RM2.60 per kg by absorbing approximately RM150mil in production costs for six months.
He said this measure ensures the availability of around 24 million packets of 10kg rice in the market. The implementation details are being finalised and will be announced soon.
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"As such, I reiterate that the Madani government is fully committed to making the paddy and rice industry the backbone of our nation's food security," he said during the Minister's briefing on the current situation of the rice and padi in the country in Dewan Rakyat on Thursday (Feb 13).
"With the unwavering support of all stakeholders, I am confident that this goal can be achieved for the well-being of both the current and future generations," he added.
