Govt-sponsored 100,000 Bags Of Rice Sold Out In An Hour

[george]

Govt-sponsored 100,000 bags of rice sold out in an hour

BANGKOK: -- A government promotion for the retail sale of 100,000 five-kilogramme bags of rice selling at Bt120 (US$3.7) per bag sold out in just an hour on Monday, a senior Thai Ministry of Commerce official said Monday.

Each buyer was allowed to only three bags of rice, drawn from government warehouses nationwide, and sold at about 20 per cent less than the current market price, according to Internal Trade Department director-general Yanyong Phuangrach.

Of the total 100,000 bags,18,250 were sold in Bangkok while the balance was distributed and sold in nine other provinces. The idea of selling packaged rice was initiated by the Commerce Ministry to cope with public demand for rice in the market following complaints that there was not enough rice for shopping malls.

People were lining up at rice sales outlets since 9am and the entire supply of 100,000 bags of rice were sold out within an hour, said Mr. Yanyong.

Disappointed rice buyers were allowed to place their signatures to book for future rice sales, scheduled for May 20 and May 30, when it will sell 100,000 bags of rice on each day, said Mr. Yanyong.

Rice to be sold on these two days will focus mainly on upcountry consumers, he said, and the sales price is expected to be not much different from Monday's, he said.

Rice and consumer goods prices have increased in Thailand following the soaring retail prices of gasoline.

Mr. Yanyong said a committee monitoring goods prices would later this week consider on production costs of cooking oil and other goods as well.

--TNA 2008-05-12