Edible oil processors told to maintain retail prices
The Thai Commerce Ministry has asked edible oil producers not to raise retail prices, citing no increase in production costs. The Internal Trade Department warned that price hikes, hoarding, or refusal to sell violate the Price of Goods and Services Act. They also urged retailers to offer discounts, while coordinating with palm oil suppliers to maintain stable prices. Violators could face prison or fines. Consumers can report unfair practices to a hotline.
The Commerce Ministry has urged edible oil processors not to raise retail prices as there are no factors affecting production costs.
Following news that soybean oil producers plan to increase the price of bottled soybean oil, Goranij Nonejuie, deputy director-general of the Internal Trade Department, said the department recently submitted a letter to the Soybean and Rice Bran Oil Processer Association prohibiting soybean oil producers from increasing the sales price as there are no factors that have increased the cost of production.
Any misconduct, which includes overpricing, hoarding or refusing to sell such products, is considered an offence under the Price of Goods and Services Act of 1999.
Mr Goranij said consumers can report unfair practices or overpriced goods to the department’s 1569 hotline or provincial commerce offices.
The department sought cooperation from wholesale and retail stores to offer discounted products and organise promotional campaigns to help reduce costs for consumers.
The agency is working with provincial commerce offices nationwide to monitor prices, preventing unfair or unreasonable increases in the sale price of soybean oil, he said.
Regarding palm oil, the department sought cooperation from wholesale and retail stores to maintain the sales price of bottled palm oil for as long as possible as existing stocks are adequate for consumption and the production of fuel.
Wittaya Maneenet, inspector-general and spokesman for the Commerce Ministry, coordinated discussions with the Palm Oil Extraction Mills Association and various retailers to manage stock levels and delay price adjustments for consumers.
This association and the Palm Oil Refinery Association have pledged to cooperate with the government’s efforts, agreeing to suspend exports and work together to stabilise prices.
To prevent price gouging, the department warns that violators could face up to seven years in prison or a fine of up to 140,000 baht, or both.
Source Link : https://www.bangkokpost.com/business/general/2895438/edible-oil-processors-told-to-maintain-retail-prices
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