KUALA LUMPUR: The ceiling price of bottled pure palm cooking oil at the retail level this month has dropped following the decline in crude palm oil (CPO) prices, says Datuk Seri Alexander Nanta Linggi.
According to the Domestic Trade and Consumer Affairs Minister, the ceiling price for bottled cooking oil in 5kg bottles will be set at RM31.50, a drop of RM2 compared to RM33.50 last month.
For the 3kg bottles, the price decreased to RM19.90 from RM21.20 last month.
The 2kg bottles will be sold at RM13.50 a drop of 80sen from RM14.30 last month while the 1kg bottles will be sold at RM7.10.
"Based on that, the government, via the ministry, will set the latest maximum retail price for pure bottled cooking oil under the Price Control and Anti-Profiteering Order 2022.
"The order will be enforced effective Oct 8 until Nov 7," he told reporters during a press conference at Parliament on Monday (Oct 3)
The monthly average price of crude palm oil (CPO) will be determined by the Industry, Plantation and Commodities Ministry on the 1st of every month followed by the announcement of the ceiling price of bottled pure cooking oil for that month which will take effect on the 8th until the 7th the following month.
Stern action will be taken against any parties that are selling the bottled cooking oil above the ceiling price, added Nanta Linggi.
"It is hoped that the new ceiling price will benefit the members of Keluarga Malaysia," he said.
Meanwhile, he said that the government is monitoring the trend of inflation on food prices.
"We will impose necessary measures to mitigate the impact of such pressures on food items," he added.