KARACHI, April 3: Profiteers and hoarders have raised rice prices to unprecedented level just within three days following Indian government’s decision on Monday to impose complete ban on export of non-basmati rice varieties.

According to market sources, prices of Irri-9 soared to Rs40,000 per ton, thereby showing steep rise of Rs3,000 per ton in a single day. Similarly, Irri-6 rice FAQ (regular quality) closed at Rs29,000 per ton on Monday last and moved further higher next day to Rs30,000 per ton.

As speculators and hoarders keep chasing Irri-6 rice it surged by Rs1,000 to Rs31,000 per ton on April 2. But there seems to be no end in the upward drive in prices of non-basmati rice as Irri-6 on Thursday moved even higher to Rs32,500 per ton, the sources said.

The sources said at present the rice market was completely under the grip of hoarders, speculators and profiteers and according to a leading exporter prices are not changing in days or weeks but in hours.

Shamsul Islam Khan, a leading exporter, apprehended that if the government did not immediately impose ban on rice exports to India it would completely deplete all local stocks within a month.

Responding to a question, he said a large number of import enquiries were pouring in from Indian traders, who are keen to lift any quantity by road or sea at the earliest.

If exports to India remained unchecked exporters would suffer as they would be unable to meet their export commitments and would lose their traditional markets, he said.The sources said that prices of similar varieties of rice in India were still below our current price level. Indian origin Irri-8 is being sold between Rs13,000 to Rs13,750 per ton, Permal raw rice at Rs14,500 to Rs15,000 per ton. Superior grade of Permal Wand rice is being quoted at Rs16,750 to Rs17,250 per ton.

Another rice exporter Sheikh Arshad Mehmood said that in the current domestic market situation, where rice stocks are depleting very fast, allowing exports to India would be disastrous.

Another rice exporter Haji Abdul Majid said that the government should impose a ban on rice exports to India and this was the only way to protect the interest of consumers and also have some exportable surplus to keep the country’s presence in traditional world markets.

He further said that the ban on rice export by the Indian government was used as a publicity tool for election campaign. It is aimed to bring down their domestic rice prices.