Price of 5 kg bottle of cooking oil rm34.70 starting August 8
Price of 5 kg bottle of cooking oil rm34.70 starting August 8

Price of 5 kg bottle of cooking oil rm34.70 starting August 8

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KUALA LUMPUR: The price of non-subsidized pure palm cooking oil in bottles of five kilograms (kg) will be determined every month.

According to Utusan Malaysia, the Head of the Special Team for Inflation Jihad, Tan Sri Annuar Musa, said that this month’s cooking oil price of RM34.70 was effective from August 8.

He said the decision led us to set the maximum price for Crude Palm Oil (CPO) announced by the Malaysian Palm Oil Board (MPOB) every month.

“For the month of August, MPOB has informed the average palm oil price for the last month, July, at RM4,631 metric tons. Based on that price, the selling price of cooking oil in five kilogram bottles has been decided to be set at RM34.70.

“Since it was announced today, which is now, the control in stores at the retail level must begin seven days later, namely starting August 8. This means that five kg of cooking oil currently between RM39 and RM40 must be sold for a maximum price of RM34.70.

“KPDNHEP will take steps to set this maximum set price and it will be done within a week to allow it to be implemented by 8 August.

“In the next few months, the same situation will be maintained where every 1st of the month, MPOB will make price announcements,” he said at a press conference at the DPR, today.

According to Annuar, the calculation method is also determined by the Ministry of Domestic Trade and Consumers (KPDNHEP) after consulting with industry players to ensure profit margins.

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