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BANGKOK - Thailand will release 650,000 tonnes of rice from government stockpiles and sell it domestically at a reduced price in a bid to ease soaring local prices, the commerce ministry said Wednesday.
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.
Other rice-producing countries India and Vietnam have announced export curbs to ensure domestic supplies.
The benchmark Thai variety, Pathumthani fragrant rice, was priced Wednesday at 930 dollars per tonne, up 52 percent from one month earlier, according to the Thai Rice Exporters Association.
That has pushed up the domestic price, but the commerce ministry said the rice from government stockpiles would be priced below market value.
"We will set the price to relieve the burden on consumers," the ministry said in a statement.
"Because of the tensions in the global prices of rice due to droughts in rice-producing and rice-importing countries, that has caused many countries to buy more rice from Thailand, making the rice price increase," it said.
Ministry officials could not say exactly when the rice would hit the market.
Thailand keeps a supply of rice in emergency stockpiles equivalent to 10 percent of domestic consumption. The government's stock currently stands at 2.1 million tonnes, the ministry said. - AFP/ir
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