Govt Sells Wheat & Rice to Control Prices

New Delhi, Dec 21 (PTI) The government has sold 3.46 lakh tonnes of wheat and 13,164 tonnes of rice through e-auctions to bulk consumers as part of its effort to boost domestic supplies and control retail prices.

The government is selling wheat and rice from its buffer stocks to keep retail prices under control under the Open Market Sale Scheme (OMSS). Food Corporation of India (FCI), the government's nodal agency for food grains procurement and distribution, is conducting the e-auctions.

The Centre has allocated 101.5 lakh tonnes of wheat for the OMSS till March 2024.

"The 26th e-auction was held on December 20 wherein 4 lakh tonnes wheat and 1.93 lakh tonnes rice was offered. In the e-auction, 3.46 lakh tonnes wheat and 13,164 tonnes rice was sold at a weighted average of Rs 2,178.24 per quintal for wheat and Rs 2905.40 per quintal for rice," an official statement said.

To control the retail prices of rice, wheat and atta, the government is organising weekly e-auctions of both wheat and rice.

The minimum and maximum quantity of rice that a bidder can bid has been fixed at 1 tonne and 2,000 tonne, respectively. The bidders can bid in multiples of 1 tonne with respect of rice under OMSS (Domestic).

This measure has been taken to enhance the sale of rice under OMSS (Domestic) and in the present e-auction, the sale of rice has increased to 13,164 MT from 3,300 MT that was sold in the previous e-auction.

Earlier this month, Food Secretary Sanjeev Chopra said the government is ready to offload additional 25 lakh tonnes of FCI wheat to bulk consumers during January-March 2024, under OMSS, in order to boost domestic supply and check price rise.