The Thai government has decided to release 650,000 MT of rice from government stockpiles and sell it domestically at a reduced price in order to counter the soaring local rice prices.

Thailand is the world's biggest exporter of rice, but skyrocketing global prices have driven up the cost at home while raising fears of a shortage if growers cash in by selling too much overseas.

Thailand keeps a supply of rice in emergency stockpiles equivalent to 10% of domestic consumption.