Thailand checks oil palm inventory to prevent stockpiling and price hikes

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Thanakorn said Gen Prayut expressed concerns over rising palm oil prices driven by low production outputurged relevant agencies to inspect the inventory of oil palm at warehouses nationwide.

Authorities have ordered relevant government agencies to check up on the current inventory of oil palm in the country, as part of efforts to prevent stockpiling and mitigate rising prices.

Government Spokesperson Thanakorn Wangboonkongchana said Prime Minister Gen Prayut Chan-o-cha expressed concerns over rising palm oil prices driven by low production output.



The premier has urged relevant agencies, including the Ministry of Commerce and the Ministry of Agriculture and Cooperatives, to inspect the inventory of oil palm at warehouses nationwide.

Commercial affairs offices are also working with the police to inspect storage facilities, extraction plants and refineries to prevent stockpiling.


Those found guilty could face up to 1 year in prison or a fine of up to 20,000 baht, or both, under the Price of Goods and Services Act BE 2542. They can also be fined up to 2,000 baht for each day of violation. Those who fake their inventory reports will meanwhile face up to 6 months in prison in accordance with Article 137 of the Criminal Code.(NNT)