04/07/2011 (Bangkok Post) - The government has approved a reduction in cooking palm oil retail prices by five baht from the capped price of 47 baht per one-litre bottle, effective today.

The reductions reflect recent declines in prices of fresh palm nuts to between 4.50 and 5.40 baht per kilogramme, from 8.49 baht in February, as new supplies entered the market.

The price of crude palm oil has also dropped from a high of 58 baht a litre to 28-30 baht. Heavy flooding in late 2010 led to widespread shortages of raw materials for cooking oil earlier this year.