Top retail price for edible palm oil (August 8-September 7)
Starting on August 8, 2022, the retail ceiling price for 5kg of pure palm edible oil is RM34.70.
The cost of crude palm oil has recently declined, and the price per metric tonne has fallen below RM4,000. The government has urged manufacturers to reduce the cost of edible oil, but they have been apathetic and unwilling to do so. In order to do this, the government made the decision to once more implement a price cap for bottled pure palm edible oil.
The price of 1 kg of bottled pure palm edible oil is RM7.70, 2 kg of bottled pure palm edible oil is RM14.70, and 3 kg of bottled pure palm edible oil is also RM14.70, according to the Ministry of Trade and Consumerism’s list of top edible oil prices. A 5kg bottle of pure palm cooking oil costs RM34.70 and costs RM21.70. From August 8 to September 7, 2022, this pricing is offered.
The price of a 5kg bottle of pure palm edible oil previously jumped to RM40 after the government ended subsidies for bottled edible oil in July. The government’s current retail ceiling pricing are more inexpensive and in line with market prices.
The Malaysian Palm Oil Board (MPOB), which publishes the market crude palm oil futures price on the first day of each month and represents the average price of the previous month, is used by the government to determine the retail ceiling price for edible oil. According to the MPOB, the average cost of CPO in July was RM4,063 per metric tonne.
It is important to note that while blended edible oil continues to follow the market price, pure palm edible oil (Minyak Mask Tulen) only has a ceiling price established by the government. Mixed oils include Neptune Oil, Red Eagle Oil, and Knife Oil.
