Cooking oil prices expected to fluctuate according to CPO prices

KAJANG: The price of bottled cooking oil is expected to fluctuate according to Crude Palm Oil (CPO) prices.

Domestic Trade and Consumer Affairs (KPDNHEP) Minister Datuk Seri Alexander Nanta Linggi said that the price of the cooking oil sold in market should be adjusted from time to time.

“That is the principle, the price goes up and down according to the world market.

“Now it has dropped significantly compared to the price two weeks ago, hence the industry should adjust,” he said.

He was speaking to newsmen after the 50th Golden Jubilee of the Enforcement Division and Completion of Basic Enforcement Science training course at Maktab Penjara Malaysia here.

Also present was KPDNHEP deputy minister Datuk Rosol Wahid.

The government initially implemented temporary subsidies for the 1, 2, 3 and 5kg bottled cooking oil in August last year, but removed it for bottled cooking oil earlier this month, resulting in sharp price increases in the market.

The government maintained its subsidy for the 1kg cooking oil in polybags.

The price of bottled cooking oil is expected to drop soon in line with the reduction of raw cooking oil prices from RM7,000 per metric tonne to RM3,600 per metric tonne this week.

Meanwhile, KPDNHEP is prepared to discuss with the Health Ministry on the suggestion to impose controlled prices on medicines.

Nanta said the matter has to be scrutinised first before it can be enforced.

He was responding to a statement by Malaysian Pharmacists Society (MPS) president Amrahi Buang who proposed for price controls on medicines.

Amrahi reportedly said the action was to prevent profiteering, especially for medicines that have limited supply such as fever, flu and antibiotics.

NST