The Department of Internal Trade (DIT) has approved a request by local producers and importers to increase fertiliser prices in line with the rising production costs of imported raw materials to avoid supply shortages.
Chakra Yodmani, deputy director-general of the DIT, said the request for price hikes was granted recently to reflect the surging costs of imported raw materials and to maintain supplies in the country.
He said production costs have spiked due to several factors including the Russia-Ukraine war, soaring global fuel prices and the recent depreciation of the baht, with these factors critical as nearly 100% of fertiliser used in Thailand is imported.
To guard against supply shortages, the DIT has approved a request by local producers and suppliers to hike fertiliser prices. However, the department will closely monitor import volumes and their prices to ensure retail prices are least affected, he said.