The price of local cooking oil has been soaring, the peak price was 140% of the original price and this is the highest record!
According to a report in Guang Ming Daily, local cooking oil has been affected by international palm oil prices and has been increasing in price in the past six months. It is generally expected that the price of cooking oil will soar again before the Chinese New Year.
Judging from the market, 5 kg of Helang Red Eagle Blended Oil only cost about RM30 previously, and it was only about RM22 when it was the cheapest. Today, the retail price has soared to more than RM40. 5 kg of Knife Blended Cooking Oil is about RM28 from the previous, and now it has soared to around RM38.
Both Helang Red Eagle Blended Cooking Oil and Knife Blended Cooking Oil are Blended Cooking Oil, and therefore neither are subject to the price control of the Ministry of Domestic Trade and Consumer Affairs. Only pure palm cooking oil needs to comply with the cooking oil retail price limit set by the government!
The government has implemented measures to limit the price of bottled pure palm cooking oil since August. The retail price of 1KG bottled cooking oil is RM6.70, the retail price of 2KG bottled cooking oil is RM12.70, and the retail price of 3KG bottled cooking oil is RM12.70. It is RM18.70 and the retail top price of 5KG bottled cooking oil is RM29.70.
Only bottled pure palm cooking oil (Minyak Masak Sawit Tulen Botol) can enjoy the retail top price. The focus is on pure palm cooking oil, which means that only cooking oil produced from pure palm can enjoy the retail top price. Those blended cooking oil, sesame oil, peanut oil, rapeseed oil, etc. are not eligible for retail top price discounts.
