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KUALA LUMPUR - Domestic Trade and Cost of Living Ministry has decided the retail price for one kilogram (kg) to five kg of cooking oil will not increase for the period of April 8 to May 7.
Its minister Datuk Seri Salahuddin Ayub said he has conducted several engagement sessions with industry players to ensure Ramadhan and Hari Raya Aidilfitri celebrations would not have any unreasonable price increases affecting it.
He said other than the multitude of Payung Rahmah initiative the government's role through the ministry to set the maximum retail price of bottled cooking oil under the Price Control and Anti-Profiteering (Maximum Price Determination) (No 5) Order 2023.
"The maximum retail price for a bottled cooking oil is remained at RM6.90 (one kg), RM13.30 (two kg) RM19.60 (three kg) and Rm30.90 (five kg).
"Any parties selling it at a higher price will have actions taken under the Price Control and Anti-Profiteering Act 2011 and could be imposed a penalty that is a fine of up to RM100,000 or imprisoned not more than three years or both for individuals and a fine of up to RM500,000 for companies," he said in a press conference at the Parliament lobby on Monday.
He explained generally there was an increase in crude palm oil prices in March compared to the previous month that have breached RM4,000 per metric tonne.
"The average crude palm oil prices for March 2023 is RM4,139 per metric tonne compared to RM3,908 per metric tonne in February 2023.
"This increase caused the hike in retail prices for bottled oil based on the moving ceiling price concept," he said.
He said by maintaining the retail price of bottled cooking oil involves paying subsidies to filter manufacturers in the form of reimbursement claims based on the actual numbers claimed.
"We pay a subsidy of almost RM7 million a month. That is the commitment the government gave to ensure the price wouldn't increase.
"Subsidised oil for packets remained at RM2.50 per kg," he said.