The maximum retail price for price-controlled goods such as 5kg palm cooking oil will be fixed at RM29.70 per bottle effective August 1.
The Ministry of Domestic Trade and Consumer Affairs (KPDNHEP) said the price of cooking oil in a 3kg bottle is set at RM18.70 while RM12.70 for 2kg and RM6.70 for 1kg.
“With the implementation of price control for pure cooking oil, consumers are guaranteed to purchase cooking oil at below RM30 for 5kg and in other quantities regardless of the current palm price,” the statement mentioned.
On June 26, Prime Minister Tan Sri Muhyiddin Yassin stressed that to address the price increment issue of cooking oil in a 5kg bottle, the control price is based on the threshold value of crude palm oil that was set not to exceed RM30 per bottle.
According to the Prime Minister, the government also allocated an additional of RM1 billion to ensure the supply of 1kg polybag packs of cooking oil is guaranteed.
“Through this additional allocation, the people can still purchase a 1kg polybag of cooking oil at a subsidized price of RM2.50,” he said when presenting the National People’s Well-Being and Economic Recovery Package (PEMULIH).
On June 17, the media reported that the government would announce new prices for 5kg and 2kg cooking oil in the near future.
Deputy Minister of Domestic Trade and Consumer Affairs, Dato’ Rosol Wahid was quoted as saying the new price was the result of discussions between his Ministry and three other Ministries.
It was following several local newspaper reports publishing complaints about the rising price of 5kg cooking oil which was hiked up to RM35 per bottle.