The Ministry of Commerce plans to address the rising price of palm oil, which has risen to about 70 baht per bottle from 56-60 baht at the end of 2021.
Commerce Minister Jurin Laksanawisit attributed the rise in cooking oil prices primarily to higher fresh palm nut and crude palm oil prices, with fresh palm nut prices rising to 10-11 baht per kg from 2 baht per kg in 2017.
The Commerce Minister acknowledged that while rising prices benefit farmers, they also impact the daily lives of consumers. During the recent war room to oversee the issue of the continual price increase in essential consumer goods, he instructed the Internal Trade Department to determine measures for ensuring a balance between farmers, manufacturers and consumers. He also noted that market intervention might not be necessary, but the government will likely put cooking palm oil on its price control list.
Wattanasak Sur-iam, director-general of the Internal Trade Department, meanwhile urged relevant agencies to cooperate in maintaining the price cap on bottled cooking palm oil. He said he believes that the situation will improve when new palm outputs are introduced to the market in February. (NNT)