Cooking oil price system being upgraded, to be ready by mid-2024

KUALA LUMPUR: The Cooking Oil Price Stabilization Scheme (eCOSS) is currently being upgraded by the Domestic Trade and Cost of Living Ministry and is expected to be fully completed by the middle of 2024.

Deputy Domestic Trade and Cost of Living Minister Fuziah Salleh said that among the improvements implemented is to enable the system to control subsidised cooking oil at retail level so that sales are only allowed to target groups through identification documents.

"The ministry is also stepping up the monitoring of subsidised cooking oil packets supply through the eCOSS system as it monitors cooking oil transactions at various levels including refineries, packaging companies, wholesalers and retailers at one central base," said Fuziah.

"This system allows the ministry to continuously monitor the distribution of subsidised cooking oil in the market in real-time," she added during a question and answer session at the Dewan Rakyat on Thursday (Nov 2).

She was replying to a question by Cha Kee Chin (PH-Rasah) regarding the move to increase the quota of 60,000 tonnes of subsidised packet cooking oil which was implemented since 2016, considering that the retail market is always facing a lack of supply and causing difficulties for domestic consumers and micro traders.

In the meantime, Fuziah said her ministry will fine-tune subsidised packet cooking oil quota with the cooperation of the Ministry of Economy and the Ministry of Finance.

"It is to ensure that any increase in quota does not have a negative impact on the government's financial position," she said.

Fuziah said her ministry has also studied the distribution of packers (Repackers) according to the population in each zone in the country to prevent subsidised cooking oil from leaving the designated zone.

"The setting of the zone will help enforcement to curb leakage (of subsidised cooking oil) as well as subsidy payment claims for sale of subsidised cooking oil by the packaging company outside the designated zone area will not be accepted by the eCOSS system," she said.

Meanwhile, she said the ministry's internal audit report is expected to be completed in the first quarter of 2024, as a guide to improve the mechanism and ensure cooking oil meets the target group.- Bernama