The Plantation Industries and Commodities Ministry is working on the rationalisation of targeted subsidies for cooking oil, which is expected to be finalised by year-end, said its minister.
Zuraida Kamaruddin said the planning was put in motion following her ministry’s discussion with the Finance Ministry and Domestic Trade and Consumer Affairs Ministry during the ministerial retreat last month.
“We want to help those who are in need at a time when crude palm oil is trading high,” she told reporters at the Palm and Lauric Oils price outlook conference and exhibition hosted by Bursa Malaysia today.
Zuraida said for now, the government has allocated a subsidy for 720,000 tonnes of cooking oil.
The Russia-Ukraine war is a major factor in the crude palm oil price surge to RM8,000 per tonne last week, and the Malaysian Palm Oil Board predicted the price of the edible oil to remain above RM5,000 level per tonne at least for the first half of 2022.
- Bernama
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