Drop prices to match oil:govt

Manufacturers of consumer goods have to reduce retail prices to reflect their real product costs and ensure fair trade, the ministry said. The price of oil has plummeted from its peak above US$140 (Bt4,930) a barrel to less than $50 a barrel.

Some manufacturers, including those of fertiliser and cooking palm oil, have already reduced prices. However, they should bring down more prices, especially palm oil, as the raw material price is declining, the BoI said.

Commerce Minister Chaiya Sasomsap said yesterday that he had ordered the Internal Trade Department to strictly survey markets. Shopkeepers should display price tags, he said.

The ministry will also strictly survey whether any modern trade brands have adjusted the retail price of powdered milk, claiming that there is a supply shortage due to the melamine-contamination scare.

Yanyong Phuangrach, director-general of the Internal Trade Department, said fertiliser-manufacturers had agreed to bring down their retail prices by 5-10 per cent.