The price of palm oil has been adjusted

BANGKOK, 9 January 2011 (NNT—In the face of palm oil shortage, the Commerce Ministry has asked for the cooperation from the producers to limit the prices of palm oil at 47 baht per one-liter bottle and told consumers to use soybean oil instead.

The price of palm oil has been adjusted from 38 to 47 baht per bottle since January 8th, an increase of 9 baht or roughly 25 percent. Taking advantage of the allowed increase, practically all retails stores have since raised the price to the ceiling permitted by the Ministry. Each consumer, however, has been limited to 2 bottles per purchase as a result of the shortage of the past few months.

After the 9-baht increase has been imposed, most people have shifted to soybean oil; however, on the first day of the price adjustment, most supermarkets did not have any soybean oil on hand, indirectly forcing consumers to buy the overpriced oil.

Internal Trade Department Director-General Vachari Vimooktayon has asked all retailers to limit the price of palm oil at 47 baht and said authorities will monitor the prices nationwide. Anyone found to have hoarded or sold palm oil at higher price than that allowed will be prosecuted to the full extent of law.