KOTA KINABALU: The ceiling price for 5kg bottled cooking oil has been capped at RM34.70 for Sabah, Sarawak and Labuan effective Aug 8, similar to Peninsular Malaysia.
Domestic trade and consumer affairs minister Alexander Nanta Linggi also said that the ceiling price for the 1kg bottled cooking oil had been set at RM7.70, 2kg bottled cooking oil at RM14.70 and 3kg bottled cooking oil at RM21.70.
The mechanism to determine the ceiling price is based on the simulated sale price of pure cooking oil at retail level, taking into consideration current developments of crude palm oil at global markets.
“However, the setting of the ceiling price also took into consideration several contingency costs, including logistics, as well as situations faced by some retailers to exhaust their supply of pure cooking oil bought at old prices,” he said in a statement.
Nanta said the setting of the monthly ceiling price for unsubsidised cooking oil was based on the previous month’s average global price of a metric ton of crude palm oil (CPO) and it was decided at the special task force on jihad against inflation meeting yesterday.
“The average monthly CPO price was determined by the plantation industries and commodities ministry on the first of every month followed by the announcement of the ceiling price of bottled cooking oil for the month, effective 8th till 7th of the following month,” he said.
The task force chairman, Annuar Musa, had announced yesterday that the bottled cooking oil would be sold at RM34.70 this month effective Aug 8 and the price would only be for Peninsular Malaysia.
Meanwhile, Nanta said the ban on unsubsidised pure cooking oil in polybags was gazetted yesterday to avoid confusion among consumers and exporters and to improve the effectiveness of monitoring to reduce leakages. - FMT
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