Agencies must find a mechanism to reduce the retail price of cooking oil

PUTRAJAYA: The special task force to fight inflation has instructed relevant agencies to find a mechanism to reduce the retail price of cooking oil following the decline in crude palm oil prices.

Task force chairman Tan Sri Annuar Musa said agencies, including the Malaysian Palm Oil Board (MPOB), had been tasked with holding engagement sessions with 22 oil producers. palm looking for a mechanism for this purpose.

“We see a downward trend in the price of palm oil to RM3,800 per barrel. If it falls to RM3,750, we will seek their cooperation and request a reduction in the retail price (cooking palm oil ).

“It’s not right to raise prices on the grounds that oil prices have gone up recently, but when prices have fallen, the retail price hasn’t gone down,” he said during an interview. a press conference after chairing the working group meeting here.

He said the special task force would monitor the real price of palm oil and when the rate falls below the threshold value, manufacturers and retailers should commit to lowering the price of palm oil. cooking sold.

The Minister of Communications and Multimedia also sought the cooperation of manufacturers and retailers to prepare to reduce the retail price of cooking oil.

He also urged cooking oil makers to fully comply with all conditions imposed by the Ministry of Internal Trade and Consumer Affairs to prevent cooking oil supply leaks.

He said the task force would ensure that strong and continued action is taken against those involved in the leaking of subsidized cooking oil supplies that has plagued the past.

“We have evidence that there had been widespread leaks before, including the export of subsidized oil for sale abroad, oil used by the non-domestic sector, etc.,” he said. declared.

As such, Annuar said the integrated operation would be stepped up to prevent the smuggling of cooking oil into foreign countries, including close monitoring of the country’s borders by the Malaysian Armed Forces and the General Operations Force. .

He said that over the past six months, authorities had confiscated RM1.5 million worth involving 61 cases.

He said the task force would continue to gather detailed information if any manufacturers were found to be involved in smuggling and selling subsidized cooking oil for other purposes. – Bernama