Commerce ministry urges halt on soyabean oil price hikes

The Commerce Ministry issued a call to edible oil processors, urging them not to increase retail prices, citing no rise in production costs. This follows reports indicating that soyabean oil producers are considering raising the price of bottled soyabean oil.

Goranij Nonejuie, Internal Trade Department Deputy Director-General, announced that the department has formally requested the Soyabean and Rice Bran Oil Processer Association to prevent any price hikes. He stated that there are no justifiable reasons for an increase in production costs, thus prohibiting any price escalation.

“Any misconduct, including overpricing, hoarding, or refusing to sell products, is an offence under the Price of Goods and Services Act of 1999.”

Consumers who suspect unfair pricing or practices have been encouraged to report these to the department’s hotline or any provincial commerce offices. The department is also engaging with wholesale and retail outlets to implement discounts and promotional activities aimed at reducing consumer expenses.

In collaboration with provincial commerce offices, the agency is actively monitoring prices to ensure no unfair or unreasonable increases in the price of soyabean oil occur. A similar initiative is underway regarding palm oil pricing.

The department has reached out to wholesale and retail stores to maintain the current sales price of bottled palm oil. The existing stock levels are reportedly adequate for meeting consumption needs and fuel production, negating the need for price adjustments.

Wittaya Maneenet, acting as inspector-general and spokesman for the Commerce Ministry has engaged in discussions with the Palm Oil Extraction Mills Association and various retailers to effectively manage stock levels. These discussions aim to delay any price changes that could impact consumers adversely.

Both the Palm Oil Extraction Mills Association and the Palm Oil Refinery Association have committed to cooperating with the government to stabilise prices. They have agreed to suspend exports and collaborate on efforts to manage and stabilise domestic prices.

To deter price gouging, the department has issued a warning that violators could face severe penalties, including up to seven years in prison, fines of up to 140,000 baht, or both, reported Bangkok Post.