According to a message from the Chairman of the Anti-Inflation Task Force, government will gazette next week that it will set a ceiling price for bottled pure palm cooking oil.
He also revealed that government has not ruled out announcing a weekly ceiling price for bottled pure palm cooking oil, similar to the weekly ceiling price for petrol. Government has given two weeks to do so, but the price of pure palm oil in bottles has not been reduced, forcing the government to take more effective measures.
Government abolished the subsidy on bottled pure palm cooking oil from July, allowing it to follow the market price. However, the abolition of subsidies has also led to a spike in the price of pure palm oil in bottles.
The previous price for 1kg bottles was RM6.70 and the new price in July was RM9.25. For 2kg bottles, the previous retail price was RM12.70 and the new price in July was about RM18.05, an increase of about 43%. 3kg bottles were increased from RM18.70 to RM26.95, an increase of 44%. In June, the price was RM29.70 and the new price from July is RM42.50.
