Special Task Force aims 10 per cent drop in price of cooking oil

Its chairman Tan Sri Annuar Musa said he hoped that the industry including manufacturers would work together to reduce the price of cooking oil during the period.

Annuar, who is Communications and Multimedia Minister, said currently the price of unsubsidised cooking oil was still relatively high.

"Once again we seek the cooperation of all manufacturers and within a week or two from now we would like to see the price of cooking oil is reduced by at least 10 per cent than the current retail price.

"... we hope they will immediately reduce the price of cooking oil, just as fast as they raised their prices when the market price shot up previously," he told a press conference at Parliament building here today.

Currently, the price of cooking oil is about RM42 for a five kg bottle, said Annuar.

Therefore, he said the special task force had agreed for the Ministry of Domestic Trade and Consumer Affairs (KPDNHEP) to hold an engagement session with each manufacturer involved to convey the message that the reduction in cooking oil prices should be given priority and expedited.

From July 1 to 15, he said a total of 9,493 inspections were conducted at 3,316 premises with palm oil worth RM2.1 million seized.

Meanwhile, he said the special task force was satisfied because chickens were sold below the ceiling price set with the national average weekly price until July 9 was RM9.22 with Pahang recording the lowest price at RM8.95 per kg.

Apart from that, Annuar said from Jan 1 until yesterday, a total of 521,995 inspections were conducted nationwide with the total seizure worth RM52 million.

Annuar said the country needed to make preparations due to the effects of high inflation being experienced by Malaysia's trading countries.

To that end, he said a team of economic experts would assist the special task force to form a more comprehensive framework of action.

"I give them a month to prepare a comprehensive action plan that can be presented to the committee so that the committee has a more robust framework to address the problems, then take action on the impact of inflation and rising prices of goods in the country," he said.