BANGKOK, Thailand: Instant noodle makers have asked Thailand to allow them to increase their prices to meet rising costs, which could potentially pave the way for the first price hike in noodles following a 14-year freeze.
The Thai government regulates the prices of instant noodles and other staples.
Five noodle producers, including, Mama, Wai Wai and Japan's Nisshin, said they are asking the Commerce Ministry for approval to increase the prices of their noodles from 17 to 23 cents.
Some companies were earlier been denied requests to increase prices by the government.
Weera Napapruekchat, Vice President of Thai Food Products Factory, which makes Wai Wai, said, the price of wheat flour and palm oil have risen sharply, noting that some of his company's products were being sold at a loss and that it would reduce sales in Thailand if approval is not
granted, instead switching to overseas markets where it has already increased prices.
In a statement, Thailand's Director-General of Internal Trade Wattanasak Sur-iam said, "The government will consider proposals on a case-by-case basis and any solution would have to be a win-win for both consumers and producers."