ISLAMABAD, Oct 29: The Ministry of Food, Agriculture and Livestock (Minfal) has fixed the minimum indicative price of ‘Super Basmati’ rice (paddy) at Rs1,500 per 40kg and the procurement price of Basmati 385/2000 (paddy) at Rs1,250 per 40kg, says a notification issued here on Wednesday.

The decision was taken at a meeting of the Economic Coordination Committee (ECC) of the cabinet and endorsed by the Economic Monitoring Committee (EMC).

The Pakistan Agriculture Storage and Supplies Corporation (Passco) has been assigned to purchase paddy from growers at the new rate. Minfal had earlier authorised Passco to purchase Irri-6 rice at Rs700 per 40kg.

Passco will purchase one million tons of Irri-6, Super Basmati and Basmati 385/2000 paddy. Minfal officials believe that the new minimum indicative prices will stabilise prices in the local rice market.