Step 1: Understanding the Concept:
This problem can be solved using the weighted average method for mixture allegations.
Key Formula or Approach:
Let the three quantities of rice mixed be in the ratio $1 : 1 : 2$ (representing $1\text{ kg}$, $1\text{ kg}$, and $2\text{ kg}$ respectively).
Let the price of the third variety be $P$ Rs/kg.
The weighted average price is:
\[ \text{Average Price} = \frac{w_1 p_1 + w_2 p_2 + w_3 p_3}{w_1 + w_2 + w_3} \]
Step 2: Detailed Explanation:
Substitute the given values into the formula:
\[ \frac{(1 \times 126) + (1 \times 135) + (2 \times P)}{1 + 1 + 2} = 153 \]
\[ \frac{126 + 135 + 2P}{4} = 153 \]
\[ 261 + 2P = 153 \times 4 \]
\[ 261 + 2P = 612 \]
Subtract 261:
\[ 2P = 351 \]
\[ P = 175.5 \text{ Rs/kg} \]
Thus, the price of the third variety is Rs 175.5 per kg.
Step 3: Final Answer:
The price is Rs 175.5 per kg, which corresponds to Option (D).