KUALA LUMPUR – The government is in the final stages of discussions to determine the best price mechanism for 2kg and 5kg bottles of cooking oil, said Plantation Industries and Commodities Minister Datuk Mohd Khairuddin Aman Razali.
He said the matter will be tabled at the weekly cabinet meeting on Wednesday before it can be decided and announced to the public as early as next week.
He said discussions between three relevant ministries – the Plantation Industries and Commodities Ministry, the Domestic Trade and Consumer Affairs Ministry, and the Finance Ministry – have been ongoing, which include crude palm oil suppliers, wholesalers, and other stakeholders.
“At the Plantation Industries and Commodities Ministry’s level, which safeguards the interests of crude palm oil suppliers, we have discussed and suggested the best methods to ensure the public can enjoy low prices for 2kg and 5kg bottles of cooking oil.
“It’s just that we can’t announce it today as the matter has not been decided at the cabinet level,” he said on TV1’s Bicara Politikonomi programme entitled “Palm Oil and Cooking Oil Prices: Opportunity or Burden” last night.
He said his ministry also suggested to the government a long-term mechanism or targeted cooking oil subsidy like the one currently being implemented for petrol.
“The targeted subsidy mechanism suggestion is still being developed and is aimed at addressing weaknesses in the existing cooking oil supply system,” he added. – Bernama, June 23, 2021
