PETALING JAYA: Industry players have agreed that the prices of cooking oil will be based on the current market of palm oil prices, says Tan Sri Annuar Musa.
The task force to address inflation chairman said the move, which will be implemented soon, will help reduce the prices of cooking oil in stages.
The Communications and Multimedia Minister said that the task force had engagement with the palm oil industry players involving factories, packers and suppliers on July 11.
"This is a positive development and a great example of cooperation between stakeholders, which will benefit the people," he told the press on Thursday (July 14) after heading the task force's third series meeting.
He also said the task force was continuously monitoring smuggling networks.
"If those who are involved think they can get away with it, we will ensure that action will be taken against such people," he said.
