Thailand To Revise Rice Pricing

According to Yanyong Phuangrach, permanent secretary for the Commerce Ministry, the government of Thailand intends to apply new criteria for calculating the reference prices in state rice tenders, particularly for deteriorated rice.

Mr Yanyong said the ministry would also consider a new procedure at the state rice tenders at the national rice policy committee meeting chaired by Deputy Prime Minister Trairong Suwannakhiri next week.

The ministry is also likely to propose a new guideline for the state benchmark price for the rice price guarantee scheme. Private-sector bidders seeking deteriorated rice currently use pricing approaches based mainly on market mechanisms.