|
| Commerce Urges Entrepreneurs to Cut Price Following Oil Price Falls |
| UPDATE : 15 October 2008 |
|
|
The commerce minister plans to ask local business operators to cut retail product prices to go in line with the recent and continued falls in the world oil price.
Commerce Minister Chaiya Sasomsap has instructed the Internal Trade Department to keep a close watch on consumer goods prices after the world crude price has fallen drastically in recent days.
Internal Trade Department Director-general, Yanyong Phuangrach said according to the latest survey at department stores, prices of several items have already come down from highs earlier this year.
He added that the department has scheduled a meeting with the sub-committee on the cooking oil price for tomorrow to review the falling cost of crude palm oil and ask business operators to reduce their retail prices.
Yanyong said the department will continue discussing price cuts for other consumer goods, although he admitted that the possibility of cheaper goods is smaller as the Commerce Ministry capped prices for a number of products when the oil price was high.
Therefore, lower oil prices are currently unlikely to lead to a fall in retail prices in the Thai market.
However, the Internal Trade Department chief asks the public to report any unusually expensive goods to the ministry so it can implement necessary measures without delay.
Meanwhile, the world oil price on Nymex traded 53 cents lower at 78.10 dollars a barrel this morning on electronic trade in Singapore, due to concerns over slow demand and the ongoing financial crisis.
|
| |
|
Go to Top  |
| |
|
|
