October 4, 2022
KUALA LUMPUR – The ceiling price of bottled pure palm cooking oil at the retail level this month has dropped following a decline in crude palm oil (CPO) prices, says Datuk Seri Alexander Nanta Linggi.
According to the Domestic Trade and Consumer Affairs Minister, the ceiling price of cooking oil in 5kg bottles will be set at RM31.50, a RM2 drop from RM33.50 last month.
For the 3kg bottles, the price has gone down to RM19.90, from RM21.20 last month.
The 2kg bottles will be sold at RM13.50, which is an 80sen decrease from RM14.30 last month while the 1kg bottles will be sold at RM7.10.
“Based on that, the government via the ministry will set the latest maximum retail price for pure bottled cooking oil under the Price Control and Anti-Profiteering Order 2022.
“The order will be enforced from Oct 8 until Nov 7,” he told a press conference at Parliament yesterday.
The monthly average price of CPO will be determined by the Plantation Industries and Commodities Ministry on the first of every month followed by the announcement of the ceiling price of bottled pure palm cooking oil for that month, which will take effect on the eighth day until the seventh of the following month.
Any parties that sell the bottled cooking oil above the ceiling price will face stern action, Nanta warned.
“It is hoped that the new ceiling price will benefit members of Keluarga Malaysia,” he said.
Meanwhile, the government is monitoring the inflationary trend on food prices, Nanta said.
“We will impose necessary measures to mitigate the impact of such pressures on food items,” he added.