Prime Minister Srettha Thavisin has proposed a likely increase in the rubber price to 100 baht per kilogramme.

Posting on his X (Twitter) account on Saturday, he said the new rate will probably be applied soon.

His announcement came after Thai rubber prices reached a seven-year high of 90 baht per kilo last month, driven by rising worldwide demand for natural rubber.

Meanwhile, Thai rubber demand is increasing as a result of the government's and local farmers' efforts to improve cultivation standards in order to comply with the European Union Deforestation-Free Regulation (EUDR).

In his X post, Srettha said the impending increase will be consistent with world demand.

The decision is also good news for Thai rubber, which is set to begin its cultivation season. 

The current price of Thai natural rubber is about 94 baht per kilogramme. 

Emphasising that the government's proactive policies and practical actions to add value to Thai agricultural products, he promised to incorporate new innovations, technology, and standards to improve productivity and elevate Thai farm products to premium status.

Source : The Nation