KUALA LUMPUR: Padiberas Nasional Bhd (Bernas) has raised the selling price of imported white rice nationwide from RM2,350 per tonne to RM3,200 per tonne, effective from September 1.
The nation's sole rice importer, in a statement on Friday, said it had been absorbing the impact of the increase in imported rice prices over the last few years.
It added that the price adjustment is inevitable and critical now, considering the current condition where the uncertainty remains elevated and weighing on the need to ensure sustainable business operations for all the industry players.
"Bernas has endured a very challenging first half of the year as a reflection of the uncertainties contributed by multiple external factors such as climate change, weakening foreign exchange rates, high operational costs and regional conflicts.
"These factors have collectively triggered a significant impact on the global rice trading market, and it was further compounded by the effect of India's recent announcement of the ban on the exportation of white rice," it noted.
Meanwhile, Bernas said it is committed to ensuring a consistent supply of rice in the country, acting as a "shock absorber" to prevent the negative effects of global rice market fluctuations from affecting the nation.
The company said it will closely monitor international market prices and adjust prices accordingly once the situation has normalised.
It added that currently, the price of imported rice in Malaysia remains one of the lowest in Southeast Asia.
Bernas also said it is working closely with the Ministry of Agriculture and Food Security and other relevant agencies and authorities, as well as its international trading partners.
"This is to guarantee a stable rice supply to Malaysia as the nation's food security and the people's interests remain our top priority."
Bernas said although the global food market presents many challenges and uncertainties, it had remained adaptable and determined over the years.
"We have taken intentional measures to enhance and secure the resilience of the domestic rice market by ensuring product availability, price stability, and quality. This signifies our crucial role as the national gatekeeper," it added.