Retail price of palm oil drops THB4-5 per bottle, further cuts coming

Deputy spokeswoman Ratchada Thanadirek said the reduction in the retail price from the current 69 baht to 70 baht per bottle was in line with Commerce Minister Jurin Laksanawisit’s policy to have consumer goods prices reflect real costs.

Palm fruit prices continued to dive to about 6.5 to 6.9 baht per kilogramme on Thursday after Indonesia exported more of the fruit. Prices soared as high 12 baht per kg in May, prompting cooking oil makers to seek permission to raise the cooking oil price to 77-78 baht per bottle, but the Commerce Ministry asked them to stick with 70 baht.

Ratchada said the Internal Trade Department reported to the commerce minister that major retailers, supermarkets and department stores agreed to reduce the cost but retail prices might be different, depending on stockpiles.

She quoted the department as saying that retailers and stores agreed to cut the price by 4 to 5 baht this week and would reduce the price further next week.

Provincial commerce offices will continue to monitor prices of consumer goods and require all shops to clearly display prices to prevent stores taking advantage of consumers, she said.

According to Ratchada, the Commerce Ministry ran a survey of 105 department stores and 129 retail shops as well as 65 fresh markets nationwide on Tuesday and found that there was no shortage of key consumer goods.

She added that 1,613 department stores, 2,139 retail shops and 883 fresh markets have been surveyed since June 27.