5kg bottle cooking oil will be sold at RM34.70 effective August 8 – Minister Annuar

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KUALA LUMPUR: The 5 kilogramme cooking oil will be sold at RM34.70 a bottle effective 8th August 2022 after the Ministry of Domestic Trade and Consumer Affairs (MDTCA) had taken various measures to fix the maximum price.

Special Task Force on Jihad against Inflation Chairman, Tan Sri Annuar Musa said, the mechanism to implement the fixed maximum price of the cooking oil without subsidy will also depend on the announcement made by the Malaysian Palm Oil Board (MPOB) on the first day of each month.

Annuar said, the price of palm oil in July 2022 was RM463/metric tonne as quoted by MPOB and based on that as a benchmark; the maximum price of 5kg.of cooking oil will be sold at RM34.70 a bottle in retail shops, compared to the current price ranging from RM42.00 till RM79.00.

Annuar who is also Minister of Communications and Multimedia added, before fixing the maximum price of cooking oil, MDTCA had discussed with the related industry including the Federation of Malaysian Manufacturers (FMM).

“This is the first time the original palm oil had been placed under the controlled price at RM34.70 a bottle and it is made in accordance to the related Act,”Annuar said in a press conference here today.

Meanwhile, Annuar said the Special Task Force on Jihad against Inflation thanked the Ministry of Higher Education in ensuring more than 800 canteens in the university campuses selling ready cooked food at RM3.50 per meal to students.
He said, apart from that more than 8,000 people have been employed in the campuses and this is the result of series of engagements with the leaderships as students are among the vulnerable groups affected by inflation.

Regarding students’ grievances related to inflation, Annuar said, Minister in the Prime Minister’s Department (Economy), Datuk Seri Mustapa Muhamed will be engaging with 80 Institutes for Public Higher Education and Private Higher Education Institutions that had been identified. –Malaysia World News

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