BANGKOK, Thailand: Instant noodle makers have asked Thailand to increase their prices to meet rising costs, which could potentially lead to a first price hike in noodles after 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 to increase the prices of their noodles from 17 to 23 cents.
Some companies were denied requests to increase prices by the government earlier in the day.
Vice President of Thai Food Products Factory, Weera Napapruekchat, said the price of wheat flour and palm oil has gone up sharply, noting that some of his company's products are being sold at a loss, and that it will reduce sales in Thailand if approval is not met.
It has already increased prices, which is why we switched to overseas markets.
The government will look at proposals on a case-by-case basis and any solution would have to be a win-win for both consumers and producers, according to a statement by Thailand's Director-General of Internal Trade Wattanasak Sur-iam.