KUALA LUMPUR: The maximum price of bottled cooking oil will be gazetted soon and will be based on the current global price of palm oil, says Tan Sri Annuar Musa.
The special task force to address inflation chairman said the government had also banned the export of cooking oil in polybags.
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“The ban takes immediate effect,” he said in a press conference at Parliament on Monday (July 25).
He said there were enough provisions under the laws which allowed the Domestic Trade and Consumer Affairs Ministry to gazette the ceiling prices for necessities.
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“The gazetting process is expected to be completed in a week.
“Traders can sell cheaper but not more than the maximum price gazetted by the ministry.
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“They are no longer free to set the prices based on their wishes,” he said.
Annuar, who is also Communications and Multimedia Minister, said gazetting the ceiling price would prevent traders from profiteering excessively.
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On the export ban, he said authorities found that cooking oil in polybags had been exported to neighbouring countries and certain quarters had claimed that they had been permitted to export the items.
“The cooking oil sold abroad in polybags is not subsidised oil.
“The committee has followed up with the relevant agencies to stop exports of cooking oil as this creates confusion.
“We have announced previously that subsidised oil will only be in polybags and enforcement authorities must enforce that such cooking oil cannot be exported,” he said.
Annuar said problems arose when there were parties exporting cooking oil in a similar form (polybags).
He said the ministry will discuss the matter further with the relevant stakeholders, especially those in charge of export licences.
