5kg bottle cooking oil maximum price at RM34.70 this month - Annuar

Annuar said the price was set following the implementation of the monthly maximum cooking oil price based on the price of one tonne of crude palm oil (CPO) announced by the Malaysian Palm Oil Board at RM4,063 for August.

"Based on the price set today, enforcement on the price at shops would start seven days later on Aug 8 for 5kg bottle which is now sold at between RM39 to RM42, would be selling at a maximum price of RM34.70," he told a media conference at Parliament Building after chairing a Special Task Force meeting here today.

However, Annuar said the price is only applicable in Peninsular Malaysia.

Meanwhile, Annuar who is also Communications and Multimedia Minister said with the announcement, the Domestic Trade and Consumer Affairs Ministry (KPDNHEP) will be taking steps to gazette the price.

He said the same method would remain for the following month in which the maximum would change every month based on the current price of CPO announced by MPOB at the start of each month.

"For traders who failed to adhere to the maximum price, KPDNHEP can take action based on the existing regulations," he said while stating that the maximum price schedule for bottle cooking oil from 1kg to 3 kg would be issued by KPDNHEP.

Last week, the government decided to gazette the maximum price of cooking oil in bottles to ensure the product has a maximum price from time to time as well as to assist the people to combat the rising cost of living.