Prices of bottled cooking oil have skyrocketed since early July after the government announced the removal of the subsidy for bottled cooking oil.
Now, Special Task Force on Jihad Against Inflation chairman Tan Sri Annuar Musa said prices of cooking oil will be reduced in stages as the palm oil industry has agreed in principle to make adjustments to the prices according to the current market price of crude palm oil.
According to Bernama, Annuar 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 said, adding that this is a good development and an example of how all quarters could cooperate and ultimately benefit the people.
Annuar said this came after an engagement session with key players in the palm oil industry, including manufacturers, suppliers and packaging companies, that was held on Tuesday (12 July).
Meanwhile, Annuar said the task force have also received a lot of complaints on smuggling of cooking oil.
He then said 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.
He also urged the public to provide information on the misappropriation of cooking oil to the authorities.
Commenting on the cost of living in higher learning institutions, Annuar said the Higher Education Ministry has drawn 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 the meeting between Higher Education Minister Datuk Seri Noraini Ahmad and all university administrators was fruitful and they have came up with various measures 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.