UTTARADIT : Oil palm nuts will be included on the government's price control list in a move aimed at stabilising crop prices.
The cabinet yesterday approved the Commerce Ministry's proposal to add oil palm nuts to the price control list, raising the number of items on the list to 43.
Government spokesman Thosaporn Serirak said oil palm production is relatively volatile and periodically there are shortages or surpluses.
"Shortages can cause price spikes, affecting consumers and industries that use palm oil as a raw material," he said. "And surpluses lead to price slumps, hurting farmers. The Central Commission on Prices of Goods and Services (CCP) chaired by the Commerce Minister thus feels it is essential to add palm nuts to the price control list."
The inclusion will take effect once published in the Royal Gazette.
The 42 products and services on its price control list are mainly food, consumer products, farm-related products, construction materials, paper, petroleum and medicine. Food includes garlic, paddy rice, milled rice, corn, eggs, cassava and cassava products, wheat flour, yoghurt, powdered and fresh milk, sugar, vegetable and animal oils, and pork.
Businesses making or selling products on the list are required to inform the authorities of their production costs and seek prior approval before any price increase.