KUALA LUMPUR – The price of unsubsidised cooking oil will be determined monthly and will be sold at RM34.70 per 5kg bottle for this month, effective August 8.
The monthly pricing system will be determined based on the price per metric tonne of crude palm oil (CPO) set by the Malaysian Palm Oil Board (MPOB), said Jihad Against Inflation Task Force chairman Tan Sri Annuar Musa.
As for August, CPO is priced at RM4,063 per metric tonne.
“Based on the price set today, enforcement of the price at shops will start seven days later on August 8 for 5kg bottles, which are now sold for between RM39 and RM42, and will be selling at a maximum price of RM34.70,” he was quoted as saying by Bernama after chairing the task force meeting at Parliament here today.
He added that the pricing only applies in Peninsular Malaysia.
Meanwhile, the communications and multimedia minister said the Domestic Trade and Consumer Affairs Ministry will take steps to gazette the price mechanism.
Annuar said the ceiling price will change every month based on the current CPO price announced by MPOB at the start of each month.
“The ministry can act against traders who fail to adhere to the maximum price based on the existing regulations,” he said, adding that the ministry will issue the maximum price schedule for cooking oil bottles from 1kg to 3kg.
Last week, the government decided to gazette the ceiling price of bottled cooking oil. – The Vibes, August 1, 2022
