Govt in talks with industry to lower price of cooking oil

ALOR GAJAH: Negotiations are being held with palm oil industry players to devise the best formula to quickly reduce supply prices.

Domestic Trade and Consumer Affairs Ministry secretary-general Datuk Azman Mohd Yusof said the price of cooking palm oil depends on the world market, which often sees fluctuations.

“We are in negotiation with the industry to determine a formula that could lower (the price of cooking palm oil) a little faster, but it has to be reasonable as they also want to ensure that the operating costs will not affect them.

“The industry has actually agreed to help the government by taking into account the burden faced by the people to ensure that the price (of cooking palm oil) also goes down like the price in the world market,” Bernama reported him as telling the media after he inspected a factory producing toys yesterday.

Also present was state unity, information, human resources and consumer affairs committee chairman Ngwe Hee Sem.

Azman said that after the world palm oil price dropped recently, there are industry players who have taken the initiative to slash the price of non-subsidised bottled palm cooking oil to be sold in the market.

“Some of the unsubsidised bottled palm cooking oil has dropped to RM29.

“There may be new brands (produced by industry players). So, in this case, it makes it easier for the people to make a choice,” he said.

In the meantime, Azman said the government will continue the Malaysian Family Sales Programme nationwide until the end of this year to help the people get cheaper food.