Bottled cooking oil ceiling price to be removed from July 1, says Nanta

PUTRAJAYA: The ceiling price of bottled cooking oil will be removed on July 1, says Datuk Seri Alexander Nanta Linggi.

The Domestic Trade and Consumer Affairs Minister said the subsidy scheme, implemented on Aug 1 last year, was meant to be a temporary three-month move but was extended until now.

"The maximum retail price for pure palm cooking oil in bottled packaging will not be continued from July 1.

"However, for cooking oil sold in 1kg polybag packets, which is capped at a ceiling price of RM2.50, the subsidy will remain," he told a press conference after an engagement session with industry players and consumer groups at his ministry on Tuesday (June 21).

Nanta said the government spent up to RM20mil a month for the subsidy scheme.

The maximum retail prices imposed on palm cooking oil were set at RM29.70 for a 5kg bottle, RM6.70 for 1kg, RM12.70 for 2kg and RM18.70 for 3kg.

Nanta said once market prices kick in, the ministry will actively conduct checks to ensure there are no unreasonable hikes.