Prices of cooking oil had sky-rocketed over the past 2 years and most had claimed that this is mainly caused by the increased in the price of crude palm oil (CPO).
Nonetheless, the price hike have impacted consumers so heavily, where the people are calling out to the government to set a ceiling price on cooking oil.
On Tuesday (27 July), Bernama had reported that the government has set a maximum retail price for bottled pure palm cooking oil to be at under RM30 for a 5kg bottle. This ceiling price will be effective starting 1 August.
Meanwhile, the domestic trade and consumer affairs ministry (KPDNHEP) had in a statement said that the maximum prices for the 1kg bottle will be set at RM6.70, RM12.70 for 2kg and RM18.70 for 3kg.
KPDNHEP also said that the government had agreed to implement the price control programme based on the threshold value of CPO.
The price control was implemented following the prime minister Muhyiddin Yassin’s announcement that the government is committed to help ease the people’s cost of living and to tackle the issue of the increase in CPO prices in the world market.
This had impacted the price of the unsubsidised pure cooking oil in the local market.
“With the implementation of price control for this cooking oil, consumers are assured of obtaining the cooking oil at under RM30 for 5kg and also in other quantities regardless of the current palm oil price position.” they said.
However, the ministry said they took into consideration the views of agencies, the industry and market price trends before setting the ceiling price under the Price Control and Anti-Profiteering (Maximum Pricing for Cooking Oil) Order 2021.