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The
prices of instant noodles and other staples are controlled under
Thai law. Five producers of noodle brands including, Mama, Wai
Wai and Japan's Nisshin said they were seeking approval from the
Commerce Ministry to increase prices of their products from 6
baht ($0.17) to 8 baht ($0.23).
Some companies have previously been denied requests to increase
prices by the government.
"The price of oil has increased considerably due to
Russia-Ukraine conflict," said Weera Napapruekchat, Vice
President of Thai Food Products Factory, which makes Wai Wai,
adding that the price of wheat flour and palm oil have also
risen sharply.
Weera said that some of its products were being sold at a loss
and that it would reduce sales in Thailand and switch to
overseas markets, where it has already increased prices, if
approval is not granted.
The government will consider proposals on a case-by-case basis
and any solution would have to be a win-win for both consumers
and producers, Thailand's Director-General of Internal Trade
Wattanasak Sur-iam said in a statement.
($1 = 35.4700 baht)
(Reporting by Panarat Thepgumpanat and Chayut Setboonsarng;
Editing by John Geddie)
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