PETALING JAYA: The RM600mil allocation for the government’s Cooking Oil Price Stabilisation Scheme (COSS) is set to help Malaysians weather the tough times during the Covid-19 pandemic.Domestic Trade and Consumer Affairs Minister Datuk Seri Alexander Nanta Linggi said it was higher than last year’s RM528mil allocation.
“The allocation is used for the supply of subsidised cooking oil in 1kg polybag packaging and offered to consumers at RM2.50 per packet.
“This is despite the increase in world prices of crude palm oil (CPO),” he said in a statement yesterday.Nanta noted that a total of 720,000 tonnes of cooking oil had been allocated this year, which is equivalent to 60,000 tonnes or 60 million polybags of cooking oil.
“The quantity is based on a consumption rate of 1.8kg per person per month (22kg per person per year).“COSS is a cooking oil subsidy programme aimed at easing consumers’ burden in their cost of living. It is open to all groups to get cooking oil at an affordable price.
“We want to assure Malaysians that the subsidised cooking oil in polybags is of good quality and the same as bottled cooking oil. Some of them even come from the same manufacturing plants,” he said.
“Bottled cooking oil in 2kg, 3kg, 5kg and 17kg packaging is not subsidised. The price is determined according to the world CPO prices.
“People can choose to purchase the subsidised oil in polybags or the others,” he said, adding that the world CPO price was now at RM4,500 per tonne or RM4.50 per kilo before processing and packaging.
Nanta added that the ministry would come down hard on any business trying to profiteer from any products, including cooking oil.