[UPDATED] Industry green-lights cooking oil price reduction in principle: Annuar Musa

PUTRAJAYA – The palm oil industry has agreed in principle to make adjustments to reduce prices of cooking oil in stages, based on the current market price of crude palm oil, said Special Task Force on Jihad Against Inflation chairman Tan Sri Annuar Musa.

Annuar, who is also communications and multimedia minister, said the industry had agreed with the special task force’s recommendation on the price reduction, which is expected to be implemented soon.

“What is important is that the industry has agreed in principle to work with us for the reduction of cooking oil prices,” he told a press conference after chairing the special task force’s third meeting here today.

He also said that this was a good development and an example of how all quarters could cooperate and ultimately benefit the people.

According to Annuar, an engagement session was held with key players in the palm oil industry, including manufacturers, suppliers and packaging companies, on Tuesday (July 12).

Meanwhile, Annuar said the special task force received a lot of information on the smuggling of cooking oil and stressed that the enforcement authorities would not compromise with the misconduct.

“We are monitoring several smuggling networks, so those involved in such activities should not think that they can get away with it as the authorities will continue with their (enforcement) actions,” he said while urging the public to provide information on the misappropriation of cooking oil to the authorities.

On the cost of living in higher learning institutions, Annuar said the Higher Education Ministry was drawing up various plans to address the issue, apart from implementing the initiative to offer food for as low as RM3.50 per plate.

He said, following the meeting between Higher Education Minister Datuk Seri Noraini Ahmad and all university administrators, various measures are being formulated to help reduce the cost of living for students not only in terms of daily food supply but also accommodation, transportation and fees.

“This also shows that it is possible to implement efforts to curb the rising prices of goods and cost of living when there is consensus and cooperation,” he said. – Bernama, July 14, 2022