RIYADH – The Saudi Minister of Agriculture suggested Tuesday that the floods in Pakistan could lead to a crisis in rice cultivation resulting in a rise in prices.
Fahd Balghunaim made the remarks following the signing of contracts for the expansion of Grain Silos and Flour Mills Organization branches in Jeddah and Dammam.
Balghunaim also said that a committee had been set up to monitor global and domestic barley prices in the wake of noticeable rises.
“The price of barley in the Kingdom depends on prices abroad which have increased significantly recently,” he said, while urging traders, distributors and livestock traders to “have the flexibility by which we can overcome price fluctuations”.
“We cannot stabilize the prices of barley by 100 percent,” he added. – Okaz/SG