The government must lower the price of rice in line with world market trends to avoid a private individual reaping huge profits at the expense of the people.

Alor Setar MP Gooi Hsiao Leung said this in response to the expected plunge in world rice prices when Thailand ends its subsidy scheme at the end of this month, causing a market glut.

On Tuesday Reuters reported that the Thai caretaker government is discontinuing the subsidy, a move that will force local farmers to sell their stocks in the open market at prices 47 percent lower than before.

"If the price of rice for Malaysians remains unchanged at the old level, Padiberas Nasional Bhd (Bernas) will stand to reap huge profits, with the sole individual Syed Mohktar Al-Bhukhary standing to profit the most," Gooi said in a statement today.

"In view of this international market situation, the rice of price in Malaysia should be much lower, and the government ought to ensure this is the case in order to help lighten the rakyat's burden caused by rising cost of living." he said.

Syed Mokhtar ( right ) holds 83.7 percent of Bernas shares and the company's minority shareholders are resisting a bid for it to be totally privatised to him.

According to The Star, 155 shareholders ( representing 70.45 percent votes) voted against the privatisation at the Bernas EGM Jan 28.

Gooi also cited the argument of PKR de facto leader Anwar Ibrahim, who last November slammed the delisting and impending privatisation of Bernas as senseless as it was stable and running at good profit.

Anwar said the regional supply situation is expected to increase Bernas' profits by up to 40 percent to RM165 million and argued, "How can a single individual be given a monopoly over rice like this?"