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Thailand To Rein in Palm Oil Price Hikes

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Thailand's National Daily News on January 26, Thai Deputy Prime Minister and Minister of Commerce Zhu Lin said that he will control the upward trend of palm oil prices.

 

Affected by the recent rise in palm oil prices, the price of edible oil in the Thai market has risen to 70 baht from 56-60 baht at the end of last year. Zhu Lin instructed the Ministry of Internal Trade to seek to control price increases, taking into account the interests of farmers, producers and consumers, but said that palm edible oil will not be included in the price control list. The Department of Internal Trade said that the current palm oil reserves in Thailand are only 170,000 tons, which is lower than the safety line of 300,000 tons. The price has also risen from 35 baht per kilogram at the beginning of last year to 56 baht, but it is expected that the palm oil production increase season will come next month. Prices will improve after that.


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