Fears for stamp prices as Royal Mail sale looks set to be approved within the next two weeks

The Czech billionaire bid for Royal Mail could win ministerial approval for the deal in the next two weeks, raising fears of further rises in stamp prices.

Daniel Kretinsky, who came in with a £3.6 billion bid, has made additional concessions to allow the deal to go through. But there are fears these will not cover stamp prices, leaving him free to put them up.

The price of a first class stamp has risen five times in three years and now stands at £1.65.

The deal is being scrutinized under the National Security and Investment Act, which gives ministers the power to block foreign takeovers if they believe they pose a risk to British security.

The billionaire’s advisers have also met with the Communication Workers Union, which represents about 100,000 postees.

The talks have been “constructive”, although union bosses say they remain “wary” of the tycoon’s ambitions, the BBC reports.

Kretinsky, who owns almost 28 percent of Royal Mail parent company IDS, has agreed to maintain the postal carrier’s universal service obligation, which requires it to deliver letters six days a week.

Other obligations include not touching the surplus in Royal Mail’s pension scheme.

It was reported that the new guarantees may last longer than previously agreed. Business Minister Jonathan Reynolds appeared to shake off fears about Kretinsky, telling MPs he was a “legitimate business figure”.