Traders caught inflating prices during crisis to be punished

The ministry says it is closely monitoring the prices of such items as sand, sandbags, dry-cell batteries, lifejackets, boats, and foods and other essential goods.
Traders found to have increased prices unfairly will be punished under the Goods and Services Price Control Act.
Commerce Minister Kittiratt Na-Ranong has instructed officials of the Internal Trade Department to watch closely for unjustified price hikes and hoarding.
Permanent secretary Yanyong Phuangrach said yesterday that the ministry had sent teams to inspect pricing of essential goods, particularly in flooded areas.
“If any traders are found increasing prices of goods unfairly, they will be subject to seven years’ imprisonment and/or a Bt140,000 fine,” Yanyong said.
The ministry has also opened a hotline – 1569 – to receive complaints about unfair trade practices.
It says essential goods should not cost more than the current market price, though traders in some remote areas may increase prices in accordance with higher costs of transport.
For instance, the price of sand |has increased from Bt380-Bt420 per cubic metre to Bt450-Bt500 because sources in Ayutthaya and Angthong provinces have been flooded, and |sand must be shipped from Kanchanaburi and Ratchaburi provinces. Sand is currently hard to |find in many provinces because of depleted stockpiles.
The price of plastic sandbags is quoted at Bt3 for a 25-kilogram-capacity bag and Bt7 for a Bt50kg bag.
The price of a plastic boat for two passengers is Bt2,800-Bt3,000, for four passengers Bt4,000, and for 10 passengers Bt10,000.
The price of a boat engine should not be higher than Bt21,000.
The ministry has set up an emergency unit to brainstorm ideas from enterprises and exporters on how to restore businesses after the floods have receded. It will also seek measures to boost foreign and Thai investors’ confidence.
The Business Development De-partment has also allowed affected businesses to delay submitting their balance sheets.