Cooking oil: Govt looking at implementing two-tier pricing system

KUALA LUMPUR: The government is studying to implement a two-tier pricing mechanism to control the market price of cooking oil for domestic consumption.

Deputy Minister of Domestic Trade and Cost of Living, Senator Fuziah Salleh, said the ministry was in the process of negotiations with industry players before submitting a proposal to the National Action Council on Cost of Living (Naccol).

"Only six per cent of our cooking oil production is for domestic consumption, while the rest is for export. Therefore, we already have a paper on the proposed two-tier pricing that has not been approved yet.

"This means there will be one pricing for domestic use and another for export,” she said when winding up the debate on the Supply Bill 2023 for the ministry in the Dewan Negara on Wednesday (April 5).

Fuziah said this when Senator Datuk Dr Ahmad Azam Hamzah interjected to propose that the government hold discussions with cooking oil suppliers regarding the commodity’s price, which is now determined based on the export price.

Meanwhile, she said as of March 30, the Jualan Rahmah initiative has recorded gross sales of RM54 million, involving 3,223 locations in 118 parliamentary constituencies.- Bernama