KPL
The Ministry of Industry and Commerce has attributed the continued high prices of goods and services, despite declining fuel prices, to a combination of economic factors, while reaffirming that strict measures are being implemented to strengthen price monitoring and protect consumers.
Speaking during the First Extraordinary Session of the 10th National Assembly on July 7, Minister of Industry and Commerce Malaythong Kommasith said the slow adjustment in prices reflects several underlying factors.
He explained that prices tend to be "sticky," meaning businesses are often reluctant to reduce prices quickly because of ongoing economic uncertainties. In addition, many producers, importers, and retailers continue to sell inventories purchased when production and transportation costs were significantly higher.
Other operating costs—including wages, rent, logistics, raw materials, fertilizers, and animal feed—also remain elevated, limiting the immediate impact of lower fuel prices on consumer goods.
To address the issue, the ministry is implementing measures under Prime Minister's Decree No. 474 on the Management of Goods and Services Prices.
These measures include requiring businesses dealing in controlled goods to submit cost structures for official review before adjusting prices, strengthening inspections of price labeling to ensure transparency, and enhancing coordination with provincial and district authorities to monitor market prices and investigate consumer complaints.
The ministry is also working to stabilize markets by balancing supply and demand, requiring businesses to maintain adequate inventories to prevent hoarding, and introducing the Digital Trade Open Platform (DTOP) to strengthen oversight of fuel imports and prevent stockpiling.
Minister Malaythong said authorities will strictly enforce the law against businesses that hoard goods, fail to display prices, or deliberately manipulate prices. Violators will initially receive warnings, while repeated or serious offences could result in fines, suspension or revocation of business licenses, and confiscation of goods.
KPL
