The government has set a ceiling price for bottled cooking oil at RM34.70 for a 5kg bottle of pure palm cooking oil!
According to the news issued by the Chairman of the Anti-Inflation Task Force, Tan Sri Anuar Mussa, the retail ceiling price for 5kg bottles of pure palm cooking oil will be set at RM34.70 and the measure will take effect from August 8, 2022.
All retailers are required to reduce the retail price of pure palm cooking oil in bottles from 8 August 2022 and the Ministry of Trade and Consumer Affairs will take action against those who do not comply with the retail price.
However, it is important to note that the RM34.70 retail price ceiling is only applicable to Peninsular Malaysia and does not cover Sabah and Sarawak. This also means that people in Sabah and Sarawak may still have to pay a high price for bottled cooking oil.
The government will set the retail ceiling price of cooking oil based on the market futures price of crude palm oil announced by the Malaysian Palm Oil Board (MPOB) on the first day of each month, which is the average price of the previous month.
The government will set a ceiling price for pure palm cooking oil in 5kg bottles, but also for 3kg bottles and other net weight cooking oils. The government will only set a retail ceiling price for pure palm cooking oil, while those blended cooking oils will not be affected.
