5kg bottled cooking oil set at RM34.70 in Peninsula
KUALA LUMPUR: Consumers in Peninsular Malaysia will pay less for palm-based cooking oil from August 8 with a new fixed price of RM34.70 per 5kg bottle.
Tan Sri Annuar Musa said pure palm-based cooking oil in 5kg bottles is now priced at RM39-42 each.
“On August 8, the 5kg bottle will be sold at a ceiling price of RM34.70 per bottle,” he told reporters at the Parliament’s media center yesterday.
Annuar, who chairs the special task force on Inflation Jihad, said the price cap would be determined by the average crude palm oil (CPO) price to be announced by the Malaysian Palm Oil Board (MPOB). ) on the first day of each month. .
“For example, the CPO price per metric ton is RM4,063 for July and this was announced by MPOB on the first day of that month. Based on the CPO price, the ceiling price calculation is set at RM34.70 per 5kg bottle,” he said.
This method, he added, would be used to determine the ceiling price of 5 kg of pure palm-based cooking oil sold by retailers for the following months.
“MPOB will announce the CPO price on the first day of each month, followed by the ceiling price for the 5kg bottle a week later,” he said.
The price cap, he pointed out, could fluctuate depending on the CPO price in the previous month.
He said engagement sessions had been held with industry players who had agreed to the new price cap, which would provide some profit margin.
Enforcement by the Ministry of Internal Trade and Consumer Affairs of the new price cap, he said, would begin on August 8 to ensure compliance by retailers.
In addition to engaging the food manufacturing sector, Annuar said the committee would hold talks with the transportation and housing sectors on measures to mitigate the rising cost of living and inflation.
On June 22, Prime Minister Datuk Seri Ismail Sabri Yaakob announced that the government would maintain the RM4bil subsidy for cooking oil in 1 kg packets allocated for this year.
Subsidized cooking oil is only for 1kg polybags priced at RM2.50 each.
This price was lower than the actual market price of RM9 per bag and is intended for consumption by people in group B40.
On another issue, Annuar said the committee would engage with some 80 representatives from private and public higher education institutions.
“The government is aware that graduates are vulnerable to rising costs of living and inflation, especially those on campus,” he said.