Putrajaya, 2 August 2022 - The ceiling price of pure cooking oil packaged in five kilogram (kg) bottles will be set at RM34.70 at the retail level nationwide covering the Peninsula, Sabah, Sarawak and Labuan with effect from 8 August. Also determined is the ceiling price of bottled cooking oil for 1kg which is RM7.70, RM14.70 for 2kg and RM21.70 for 3kg.
According to Dato Sri Alexander Nanta Linggi, Minister of Domestic Trade and Consumer Affairs, the decision reached through a meeting of the Special Inflation Combat Team (PKJTI), saw the mechanism for fixing the ceiling price of non-subsidized bottled cooking oil determined on a monthly basis for the whole of Malaysia including Peninsular Malaysia, Sabah , Sarawak and Labuan according to the average price of crude palm oil (CPO) per metric ton in the world market in the previous month.
The monthly average price of crude palm oil (CPO) will be determined by the Ministry of Industry, Plantation and Commodities on the 1st of every month followed by the announcement of the ceiling price of bottled pure cooking oil for that month which will take effect on the 8th. until the 7th the following month.
Based on statistics from the Malaysian Palm Oil Board (MPOB), the average CPO price for July 2022 is RM4,603. Accordingly, through calculations by the Ministry of Domestic Trade and Consumer Affairs (KPDNHEP) taking into account all relevant factors in addition to negotiations with palm oil industry players, the maximum retail price for a 5kg bottle for August 2022 is set at RM34.70 .
He added that the setting of the ceiling price also takes into account some aspects of contingent costs such as logistics, including the situation experienced by a few retailers to use up the supply of pure cooking oil purchased at the old price.
In addition, the order prohibiting the export of unsubsidized pure cooking oil in all forms of polybag packaging was gazetted on Monday, 1st August 2022 to avoid confusion among consumers and exporters while increasing the effectiveness of monitoring to reduce the leakage of controlled and subsidized goods.
By : Corporate Communication Unit