Bottled cooking oil price expected to drop soon: Nanta

KUALA LUMPUR – The price of bottled cooking oil is expected to drop soon in line with the reduction of raw cooking oil price from RM7,000 per metric tonne to RM3,600 per metric tonne this week.

Domestic Trade and Consumer Affairs Minister Datuk Seri Alexander Nanta Linggi said in the meantime, the Domestic Trade and Consumer Affairs Ministry’s strategy to tackle inflation and cost of living by working closely with the special task force to tackle inflation has also shown results – especially on chicken and egg issues.

“The five-pronged strategy that we are implementing is to control the price of necessities through targeted subsidies; on-going engagement with industry players to stabilise prices and enhance enforcement by collaborating with all enforcement agencies to reduce leakages especially involving subsidised goods.

“Besides that, we are expanding the Keluarga Malaysia Sales Programme to 613 state constituencies to reduce the people’s burden by offering essential goods at 20% cheaper than the local market prices,” he told reporters after the ministry’s monthly gathering today.

He said that the ministry is also advocating small lifestyle changes among consumers to influence the demand and prices of goods in the market, adding that it would continue to enforce the five-pronged strategy to tackle inflation and the rising cost of living faced by the people.

Nanta said the ministry believed that the engagement sessions with industry players including the special task force will have an impact on reducing the prices of cooking oil and other essential goods.

Meanwhile, he said to date, Malaysia’s wholesale and retail trade has set a new record in May this year with a growth of 19.9% year-on-year amounting to RM129.8 billion as announced by the Statistics Department.

“Hence, the Domestic Trade Ministry has re-evaluated its high-impact initiatives and programmes so that the country’s economic recovery through domestic trade and consumer empowerment continues as planned,” he said.

Earlier in his speech, Nanta said the reduction in the compound under the Companies Act 1965 (Act 125) implemented from March 1 to June 30 this year will be extended for another four months, beginning July 1 until October 31.

He said this incentive allows companies and company directors to enjoy a 90% compound reduction from the original amount, adding that since it was introduced a total of 1,578 have benefitted from the initiative. – Bernama, July 20, 2022