The Ministry of Trade and Consumer Affairs has predicted that the price of bottled cooking oil will be reduced in the near future, and the minimum price for a 5kg bottle of cooking oil may be reduced to RM29.
According to the Ministry of Domestic Trade and Human Affairs (KPDNHEP), the price of crude palm oil (CPO) is already below RM4,000 per metric tonne and the price of 5kg bottles of cooking oil will follow suit.
Previously the price of 5kg bottles of cooking oil was over RM40 and was once close to the RM50 level. However, after the fall in the price of crude palm oil, it is expected to be lowered to RM29 in the near future.
The chairman of the Anti-Inflation Task Force, Tan Sri Anuar Musa, also pointed out earlier that the government will issue a gazette next week, which means that it will set a ceiling price for bottled pure palm cooking oil. Anu Yamoussa also revealed that the government does not rule out the possibility of announcing the top price of bottled pure palm cooking oil in bottles on a weekly basis, just like the measure of announcing the top price of gasoline on a weekly basis.
The government abolished the subsidy for bottled pure palm cooking oil from July.
