The Minister of Commerce has slowed down the export of crude palm oil and is moving forward with the management of palm oil stocks after production decreased due to drought and epidemics. He has also asked for cooperation from stores to fix the selling price and organize promotions for consumers. He emphasized that a balance must be maintained between the selling price of palm oil that farmers can sell and the price of palm oil that they must buy for cooking. Mr. Pichai Naripthaphan, Minister of Commerce, said about the situation of palm oil prices which have increased that the cause is the decrease in palm oil production in the market, causing the price to increase. Therefore, the Ministry of Commerce is taking care of the balance by allowing farmers to sell their products at a good price while consumers do not have to consume overpriced bottled palm oil. As for the short-term measures that he has ordered the Department of Internal Trade to consider, he is to slow down the export of crude palm oil. If nece ssary, reduce the use of palm oil in biodiesel to make more available for consumption. The reason for the decrease in palm oil production is due to the drought and epidemics in the previous period. The production will be low during November to December, resulting in the price of palm oil at 8-9 baht per kilogram. It is expected that the production situation will start to return to normal from January 2025. As for the price of bottled palm oil, it is currently sold at a price of 43-48 baht per bottle, depending on whether it is old or new stock. At the market in the Ministry of Commerce, Mr. Surachai Sukprom, a vendor selling fried bananas and sweet potatoes, said that the price of palm oil used to fry bananas and potatoes has been continuously increasing. Normally, he buys it in 1-liter bags, or by the dozen, at a price of 520 baht per dozen, or 43 baht per bag. Recently, it has been increased to 690 baht per dozen, or 57 baht per bag, so he has to accept the cost, but has not adjusted the selling price of fried bananas and sweet potatoes because if it were increased, it would be difficult to sell and consumers would not want to buy expensive products. Mr. Panya Phuphat, a fried pork vendor, said that he buys palm oil from a convenience store. The price has just started to increase for 1 week. It has increased by 1 baht per bottle, to 46-47 baht per bottle, depending on the brand. But fellow vendors who buy palm oil by the barrels have informed him that it has become harder to find. Some years, palm oil has increased to more than 50 baht per bottle. However, he has not adjusted the price of fried pork because he does not want customers to buy expensive products. Source: Thai News Agency
