Commerce Minister Jurin Laksanawisit reiterated that the ministry has not approved a hike in prices in 18 categories of key consumer goods, including instant noodles.
"The ministry vows to maintain consumer goods prices as long as possible to ensure a minimal impact on consumers, despite growing pressure from rising oil prices, which affect manufacturers' production costs the most," said Mr Jurin.
He insisted the ministry has not approved an increase in instant noodle prices, as reported in the local media.
Regarding the report on major instant noodle brands announcing they were increasing their prices, Mr Jurin said they only raised their wholesale prices and reduced retailers' profit margins, without affecting consumers.
He said he instructed the ministry to put retail price caps on 18 consumer products for as long as possible to prevent an impact on consumers.
The products with price caps are: instant noodles, fresh and raw cooking materials such as meat and eggs, canned food, packaged rice, seasoning sauces, vegetable oils, soft drinks, dairy products, electric appliances, detergents, fertilisers, insecticides, pet food, steel, cement, paper, pills and medical supplies.
However, Mr Jurin admitted the ministry may eventually allow certain product price increases, in line with rising costs.
Pun Paniangvait, manager of President Office at Thai President Foods Plc, the manufacturer of Mama instant noodles, said whether the retail prices of its noodles increase will depend on the Commerce Ministry's approval, as they are on the price control list.
The price control list mainly covers essential items for daily use such as food, consumer products, agricultural products (fertilisers, pesticides, animal feed, tractors and rice harvesters), construction materials, paper, petroleum and medicines.
Listed foods include garlic, rice paddy, milled rice, corn, eggs, cassava, wheat flour, powdered/fresh milk, sugar, vegetable/animal oil and pork.
Services on the price control list include delivery for online businesses, agriculture-related services, medical services and other healthcare services, and payment services at service points.
There are 52 items on the state price control list, including chickens and chicken meat, 47 of which are products and five services.
Mr Pun said the production costs of many major raw materials for Mama noodles have doubled from 2020 rates.
For example, he said the price of wheat flour rose from less than 200 baht per kilogramme in 2020 to 400 baht at present, while the price of palm oil increased from 20 baht per kg in 2020 to 60 baht now.