Consumers in Thailand will feel rising prices for a wide range of products, from instant coffee, cooking oil and instant noodles to condensed milk, shampoo and soap, as a result of oil price hikes.
Several manufacturers have already notified their wholesale outlets of price increases that will take effect on January 1st. May come into force, although the prices of some products have already quietly increased.
The price increases of many products may not yet have the increase in the price of diesel fuel from initially 30 baht/litre to 32 baht/litre effective 1 . May takes into account, which will drive up transport costs.
Truckers, under the banner of the Land Transport Federation of Thailand ( LTFT ), have threatened to increase haulage fees if the government doesn’t respond to their call to help them ease the increased financial burden caused by the fuel price hike.
Diesel prices will gradually increase up to 35 baht/litre, the maximum price announced by the Department of Energy’s Fuel Fund Executive Committee.
Pipat Paniangvait, CEO of Thai President Foods Plc, maker of Mama instant noodles, admitted production costs have increased significantly.
Prices for commodities like wheat flour and palm oil have risen about 70 % over the past two years, and the company hasn’t increased retail prices for Mama instant noodles in 14 years, the company said.
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