PUTRAJAYA (July 27): The government has set the maximum retail prices for pure palm cooking oil in bottled packaging effective Aug 1, with an assurance that consumers can obtain the commodity at under RM30 for a five kilogramme (kg) bottle.
The Domestic Trade and Consumer Affairs Ministry today listed the maximum retail prices for palm cooking oil at RM29.70 for a five-kg bottle, RM6.70 for one kg, RM12.70 for two kg and RM18.70 for three kg.
It said in a statement that the government had agreed to implement the price control programme based on the threshold value of crude palm oil (CPO), whereby the price of five kg of palm cooking oil was decided to be controlled so that it did not exceed RM30 a bottle.
It said the price control was implemented following Prime Minister Tan Sri Muhyiddin Yassin’s announcement that the government was committed to helping ease the people’s cost of living and tackling the issue of a rise in CPO price in the world market, which impacted the price of 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 five kg and also in other quantities, regardless of the current palm oil price position,” it added.
The ministry said the maximum retail prices were set under the Price Control and Anti-Profiteering (Maximum Pricing for Cooking Oil) Order 2021 by also taking into account the views of agencies, the industry and market price trends.