LAHORE (August 02 2009): The Pakistan Agricultural Storage and Services Corporation (Passco) has decided to sell another lot of 76,600 tons Irri-6 and 30,000 tons of Basmati rice, which it procured during the last season to help the growers and stabilise the prices of the two commodities. Sources in the Corporation told Business Recorder here on Saturday that it had already sold Irri-6, in three lots-of 10,000 tons, 50,000 tons, and 18,000 tons. The last Irri-6 lot fetched a price of Rs 28,600 per ton, sources said. This was lower than the price on which the Corporation haad bought this rice from the farmers during the last rice season. The Corporation had bought this variety of rice at Rs 30,000 per tons, and the difference would be borne by the government, they added.

They said that the Corporation had also tried to sell Basmati, but did not receive attractive price, due to which it abandoned its sale. Now the Corporation would invite bids for another lot of 76,600 tons of Irri-6 and 30,000 tons of Basmati rice, to be opened on August 17, 2009, sources added.

Meanwhile, Basmati Growers Association (BGA) President Hamid Malhi has urged the government to make clear its paddy procurement plans for the current year to help stabilise the market and to enable the growers to sell their coming crop at reasonable price.

Talking to Business Recorder, he said that the government should ask Passco to clear its stocks at the earliest to make room for the coming crop. He said that the Corporation procured around 500,000 tons rice during last season, and the government should double this target for the coming season.