The Malaysian government has announced that the retail price of pure palm cooking oil in bottles weighing between one and five kilograms will not be increased from April 8 to May 7.
Crude palm oil prices
The Minister of Domestic Trade and Consumer Affairs, Datuk Seri Salahuddin Ayub, said that the maximum retail price for pure palm oil in bottles will remain at RM6.90 (1kg), RM13.30 (2kg), RM19.60 (3kg), and RM30.90 (5kg). The government has had engagement sessions with industry players to prevent unreasonable price increases during the upcoming Ramadan and Hari Raya Aidilfitri celebrations.
The government will continue to enforce the Maximum Retail Price for pure packaged cooking oil under the Control of Supplies Act and Anti-Profiteering Act. Violators can face fines up to RM100,000 or imprisonment up to three years. The government pays RM7 million per month in subsidies to filter manufacturers to ensure that the price of oil does not increase.
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