DSI Launches Probe On Palm Oil Hoarding In Thailand

[webfact]

PRICE CONTROLS

DSI launches probe on palm oil hoarding

By THE NATION

The Department of Special Investigation yesterday launched a probe into suspected hoarding of palm oil amid a critical nationwide shortage of the cooking substance.

"The team will carry out the investigation in collaboration with other agencies," said Tharit Pengdit, director-general of the DSI.

His deputy, Pol Colonel Narat Sawettanan, was assigned to lead the effort.

The team will today seek information from the Internal Trade Department, which has responsibility for price-controlled items.

Prime Minister Abhisit Vejjajiva said the examination would nail down what had hindered the plan to increase supplies of palm oil in the country.

The government has bought 30,000 tonnes of crude palm oil from overseas and plans to import 120,000 tonnes next month.

Pheu Thai Party spokesman Prompong Nopparit said he had surveyed a market in Bangkok and found palm oil was now being marked up like crazy.

"The government's subsidised litre bottle of palm oil has a price label of Bt47 but shops are selling it for Bt70 to Bt75," he said.

Prompong said a politician with the initial "S" had been involved in keeping the commodity off the market.

"I think the government should set up a fact-finding panel comprising representatives of the police, DSI, Commerce Ministry and private sector to look into the matter," he said.

Manoon Siriwan, an energy expert, said the Commerce Ministry would have to urge edible-oil companies to make full use of their quotas of imported palm oil so as to ease the domestic shortage of bottled cooking oil.

Industry sources said at least four companies had produced bottled palm oil after getting the import quota for the ingredients.

He also said the government had capped the pump price of B3 and B5 biodiesel at Bt30 per litre for too long, so it exacerbated the domestic shortage of palm oil for cooking.

In B3 and B5 biodiesel, palm oil accounts for 3 per cent and 5 per cent of the fuel, so the biodiesel industry has stocked up on palm oil to speculate on the price.

Finance Minister Korn Chatikavanij said the prime minister was also considering moving to B1 biodiesel so the palm-oil content could be reduced.

This would help ease the domestic shortage of cooking oil, whose price has shot up beyond Bt70 per litre, he said.

There is now a worldwide shortage of palm oil, with Indonesia and Malaysia slapping a tax on exports, he said.

"Even though Thailand is the world's third-largest palm-oil producer, we still have to import it," he said.

A Thai customs station in Tak near the border with Burma reported no unusual movement of vegetable oil across the border.

The shipments of palm oil via Thailand come mainly from Malaysia, according to officials.

Chutiwat Sinsup of the Chiang Rai customs checkpoint in northern Thailand said Malaysian palm oil shipments totalling 6,700 tonnes had entered China via Thailand |in the first four months of fiscal 2011.

-- The Nation 2011-02-18

[janverbeem]

Why there is never a mention about the other types of oil.I personally use Sunflower oil and also this type is since more than 2 months very rare if possible to find.I noticed that all types of cooking oil are rationed if available at all.

Why the news always talks solely about palm oil.

[jonclark]

'Prompong said a politician with the initial "S" had been involved in keeping the commodity off the market.'

So, it's either suthep, and a shinawatra (yingluck is a politicians isn't she) or... any other politicians with the initial "S" answers please. For the love of god Prompong, if you have evidence and know who it is give the pubic the name so they won't vote for him or her next time!!!! Your silence perpetuates the myth that politicians are 'untouchable'.

My local Big C is now completely out of stock of all oil including olive and we had to fork out 130 Baht for two bottles of the usually cheap crap from the market last night. Whilst most posters here on TV can absorb this cost i really pity the families who live on the on the bread line, hand to mouth as this extra 30 Baht for oil must be having an affect and means they probably have to go without other important items.

Shame on the b**tards that take from the poor (and the rich for that matter)

[nowork114]

I went to Paragon yesterday and saw plenty of Sunflower, Olive and Rice oil - not a single bottle of palm. Prices from 50 THB up ...

[beano2274]

If you have a Thai partner then go to Chatuchak, I saw last week people selling bottles of Oil, not sure which one but limited to 2 bottles each.

[Misterwhisper]

Luckily, the kingdom - and Bangkok in particular - is not yet suffering from a shortage in "Krispy Kreme" doughnuts. That certainly would trigger riots.

I went to "Foodland" supermarket last week. The shelves were devoid of any local brands of cooking oil, which was surprising, because the supermarket chain usually sells bottles at a higher mark-up than stores like "Big-C" or "Tesco". My neighborhood mom-and-pop store had run out of cooking oil 2 weeks ago. There definitely is a crisis at hand, which is even more surprising when you consider how may million of acres of agricultural land in this country are dedicated to oil palm plantations.

Needless to say that I couldn't even get a single bottle of rice bran cooking oil. Thailand is the worldwide largest exporter of rice, thus certainly there must be enough bran to produce cooking oil.

Another story breaks as the government reports to have IMPORTED 300,000 tons of palm olein for refining it into cooking oil. The olein was distributed to a number of manufacturers who claim they have used it up and distributed. I am not too concerned about that. What I am concerned about is that 1 litre of cooking palm oil is price-capped at 47 Baht. Yet it sells - if available - at up to 70 Baht. Who accepted subsidised olein imports for refining and subsequent distribution and who overcharged their distributors so they have to ask up to 70 Baht for a bottle in order to make a profit?

As always in this country, somebody takes advantage and thinks they can get away with it. They usually do.

[rubl]

The opposition party PTP should ask questions in parliament rather than have their spokesperson accusing someone who's name starts with S.

[Buchholz]

The opposition party PTP should ask questions in parliament rather than have their spokesperson accusing someone who's name starts with S.

For some reason, the opposition party PTP itself seems to have plenty of palm oil and other necessities that it is willing to sell to the populace at low cost so as to counteract the effects of those nefarious forces that might have been hoarding it.

Hmmm.... it might make one wonder if there might be other incentives for hoarding besides making a monetary profit from it.

Anyway, everyone can head on down to their local Pheu Thai Party Palm Oil Preservation superstore... they've saved the day.

Puea Thai to bring cheap household products on sales to help Thai families

BANGKOK, 18 February 2011 (NNT)-Puea Thai Party’s Deputy Spokesperson Wim Roonwattanajinda has revealed consumers are finding it difficult to find palm oil in the market sold at the Ministry of Commerce’s price of only 47 baht per liter while 15 other products are also expected to be scarce.

After visiting Bangkapi market, Mr. Wim was told by merchants they could not sell palm oil at the Ministry’s price as it is being sold at 70 baht per liter in the black market. The Commerce Ministry has recently launched a price relieving scheme in a bid to counter rising cost of living for Thai people.

According to the report, other products expected to be scarce in the market include soybean oil and sunflower oil, coconut milk, sugar, certain types of rice, pork, eggs, instant noodles, skimmed milk, canned food, detergent, soap, dish washing liquid, shampoo and tampons.

The Puea Thai Party’s Deputy Spokesperson blamed the government for not heeding the advice proposed by his party to respond to supply shortages.

He said a market selling cheap household products will be held at its headquarters on New Petchaburee road next Tuesday in an attempt to help Thais. Products sold will consist of palm oil, rice, egg, instant noodles and canned sardines.

As for other provinces, the Puea Thai MPs have been tasked with making their own decisions for solutions to help residents cope with rising product prices.

-- NNT 2011-02-18

[backfromouterspace]

Got a couple of bottles of palm oil in the kitchen. PM me if you are interested, special price for TV members.

[lee68]

makro in chaing mai on the super highway had shelves full on thursday.it was going quick though,you were allowed 3 bottles per person,47bt

[Buchholz]

Think I'll get my cooking supplies at Prompong's Pretty Prestigious Pheu Thai Party Palm Oil Stock Piling Emporium...

because I wouldn't want to support some entity that's been hoarding scarce cooking oil for ulterior reasons.

[phiphidon]

For some reason, the opposition party PTP itself seems to have plenty of palm oil and other necessities that it is willing to sell to the populace at low cost so as to counteract the effects of those nefarious forces that might have been hoarding it.

Hmmm.... it might make one wonder if there might be other incentives for hoarding besides making a monetary profit from it.

Anyway, everyone can head on down to their local Pheu Thai Party Palm Oil Preservation superstore... they've saved the day.

Surely you're not making unsubstantiated claims again, thought you'd been warned once today.

[Buchholz]

For some reason, the opposition party PTP itself seems to have plenty of palm oil and other necessities that it is willing to sell to the populace at low cost so as to counteract the effects of those nefarious forces that might have been hoarding it.

Hmmm.... it might make one wonder if there might be other incentives for hoarding besides making a monetary profit from it.

Anyway, everyone can head on down to their local Pheu Thai Party Palm Oil Preservation superstore... they've saved the day.

Surely you're not making unsubstantiated claims again, thought you'd been warned once today.

You're wrong.... again.

For the third time today.

[rubl]

For some reason, the opposition party PTP itself seems to have plenty of palm oil and other necessities that it is willing to sell to the populace at low cost so as to counteract the effects of those nefarious forces that might have been hoarding it.

Hmmm.... it might make one wonder if there might be other incentives for hoarding besides making a monetary profit from it.

Anyway, everyone can head on down to their local Pheu Thai Party Palm Oil Preservation superstore... they've saved the day.

Surely you're not making unsubstantiated claims again, thought you'd been warned once today.

That wouldn't do for sure. As all who've been in Thailand for a while know, you just need to say 'someone whose name starts with an A to Z'

[phiphidon]

For some reason, the opposition party PTP itself seems to have plenty of palm oil and other necessities that it is willing to sell to the populace at low cost so as to counteract the effects of those nefarious forces that might have been hoarding it.

Hmmm.... it might make one wonder if there might be other incentives for hoarding besides making a monetary profit from it.

Anyway, everyone can head on down to their local Pheu Thai Party Palm Oil Preservation superstore... they've saved the day.

Surely you're not making unsubstantiated claims again, thought you'd been warned once today.

You're wrong.... again.

For the third time today.

Of course I am, I have a different viewpoint to you.

[Buchholz]

For some reason, the opposition party PTP itself seems to have plenty of palm oil and other necessities that it is willing to sell to the populace at low cost so as to counteract the effects of those nefarious forces that might have been hoarding it.

Hmmm.... it might make one wonder if there might be other incentives for hoarding besides making a monetary profit from it.

Anyway, everyone can head on down to their local Pheu Thai Party Palm Oil Preservation superstore... they've saved the day.

Surely you're not making unsubstantiated claims again, thought you'd been warned once today.

You're wrong.... again.

For the third time today.

Of course I am, I have a different viewpoint to you.

No, you were just wrong about three things....

It's got nothing to do with viewpoints.

1. Calling a camera, a gun

2. Calling a sister, a daughter

3. Saying I was making unsubstantiated claims and that I was warned (a freebie one as that's actually two errors)

Anyway, good night... I'll check your trolling in the morning.

Edited February 18, 2011 by Buchholz

[rubl]

PRICE CONTROLS

DSI launches probe on palm oil hoarding

By THE NATION

As someone mentioned even soja or sunflower oil has become scares. Now some of it will have been hoarded by common people, that's normal and they will even use it even if it takes months.

Unknown where the other half has gone. That's where the government needs to investigate and report. If there's hoarding on company level fine them, release their hoard at prices set.

One thing to remember though is government price control doesn't work in the end. It only inspires people to abuse the system. Human nature at it's worse, IMHO

Edited February 18, 2011 by rubl

[asiawatcher]

Cook with oil and die early! Who cares?

[webfact]

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Action promised on palm oil shortage in Thailand

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