A statement from the Ministry of Trade and Industry says this was confirmed at a meeting Minister Paula Gopee-Scoon had with officials at the National Flour Mills Limited on Monday.
It says NFM chairman Nigel Romano and Chief Executive Officer Kelvin Mahabir attended the meeting to discuss factors affecting potential increases in the price of flour.
The Trade Minister stressed the importance of the company controlling its operating costs in flour production and other areas of business.
The Minister also raised the issue of the pricing of the main types of wheat which represents a major ingredient in the production of flour.
The statement says the company was urged to adopt procurement practices which beneficially hedged against increases in prices.
It says the chairman of NFM informed the minister that the company will exhaust all available avenues to manage its operating costs and that any adjustment in prices will be an absolute last resort.
The minister was informed of the various initiatives currently being undertaken by the company to improve productivity, quality management, process efficiencies and employee welfare.
The release says these include modification of the feed mill, automation of plant systems, acquisition of new equipment and machinery for the dry mix operation and employee training programmes.
The chairman indicated that the board of directors and management of NFM have been working assiduously to develop strategies to diversify its revenues streams from its other product segments.
NFM gave the commitment to engage the Ministry more frequently on strategic matters and to continue collaboration with the government in the export diversification thrust.