Price plunge plan: Thai Commerce Minister sets sights on grocery relief

Expectations rise as the Thai Commerce Minister initiates an internal trade department survey with the goal of lowering prices on 20 consumer goods, including staples like rice, eggs, chicken, and pork. This effort aims to alleviate the financial strain on citizens and reflects the principle of supporting the less fortunate.

Phumtham Wetchayachai, Deputy Prime Minister and Minister of Commerce, this morning engaged in discussions regarding potential price adjustments following a drop in diesel oil prices. Phumtham indicated that he had consulted with the Internal Trade Department and the permanent secretary of the Ministry of Commerce. He noted that government actions to reduce diesel oil prices would have an impact on product costs, encompassing both transportation and production prices, as reported by KhaoSod.

Consequently, the Internal Trade Department has been tasked with exploring the feasibility of reducing prices for around 20 items, such as rice, eggs, chicken, and pork, to alleviate the cost of living for citizens. Details regarding the extent of these potential reductions are expected to be clarified at the beginning of October.

In the coming week, discussions will be held with major industry players, guided by the principle of more substantial entities assisting weaker ones. The objective is to strike a balance among the interests of producers, operators, and consumers, striving for a compromise that avoids detrimental effects on any party involved.

Two weeks ago, according to the newly formed government, the Excise Department is preparing a proposal to reduce diesel tax by 2 baht per litre and aiming to lower the retail price of diesel to less than 30 baht per litre.

The proposal is in the pipeline following Prime Minister Srettha Thavisin’s announcement to slash the retail price of diesel to 30 baht per litre from the current cap of 32 baht per litre. The Excise Department is preparing data on diesel tax reduction to present to the Ministry of Finance and the 61 year old prime minister. To read more click HERE.

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