Thailand government approves price control of oil palm nuts

It’s just one of the 42 products and services under price control.

According to Maybank Kim Eng, oil palm nuts will be included on the government's price control list in a move aimed at stabilizing crop prices.

Here's more:

The cabinet yesterday approved the Commerce Ministry's (MOC) proposal to add oil palm nuts to the price control list, raising the number of items on the list to 43. The inclusion will take effect once published in the Royal Gazette.

The 42 products and services on its price control list are mainly food, consumer products, farm-related products, construction materials, paper, petroleum and medicine. Food includes garlic, paddy rice, milled rice, corn, eggs, cassava and cassava products, wheat flour, yoghurt, powdered and fresh milk, sugar, vegetable and animal oils, and pork.

Businesses making or selling products on the list are required to inform the authorities of their production costs and seek prior approval before any price increase. Last week (16/01), the MOC ordered the Department of Internal Trade (DIT) to ask manufacturers to maintain their current product prices for at least three more months while the DIT is conducting survey on the impact of the minimum wage hike to THB300 per day.

Early findings show that most major manufacturers, such as Sahapat Group and Unilever, could still shoulder the cost, the MOC Permanent Secretary said.

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