KPDNKK looking into cooking oil price determination mechanism

PUTRAJAYA: The Domestic Trade, Cooperatives and Consumerism Ministry is in the midst of finding the best method to implement a price determination mechanism for cooking oil, said its deputy minister Henry Sum Agong.
He said, at present, the Price Control and Anti Profiteering Act 2011 which could still be used to control the price.
"Although bottled cooking oil are sold according to the market price, we do have an act that can control the price," he said in response to the call by non-government organisations for the government to set a cooking oil pricing mechanism to prevent traders from raising the price at their whims and fancy.
Effective Nov 1, cooking oil in 1kg packets will remain at RM2.50/pack while the price of cooking oil in bottles will be sold at market price.
Yesterday, Deputy Prime Minister Datuk Seri Dr Ahmad Zahid Hamidi reportedly said KPDNKK should look into the proposal to implement a price determination mechanism for cooking oil.
Speaking at a media briefing on cooking oil stabilisation scheme (COSS) operation here today, Henry Sum said the ministry had carried out a large-scale operation nationwide today, involving 2,600 enforcement officers and 1,000 price-monitoring officers.
In the meantime, he said, five traders, two in Kuala Lumpur and one each in Penang, Melaka and Perak, had been caught hoarding cooking oil and would be charged in court under the Supply Control Act 1961 soon.
"We have received 189 complaints and conducted 16,026 operations. So far 40,034 metric tonnes of cooking oil valued at RM113,534 have been seized," he said.
Henry Sum said the ministry would also make public a list of supermarkets or stores with sufficient supply of cooking oil for the convenience of the consumers.
"Some shops and supermarkets are still selling cooking oil at the old prices and we will also list them on our website and over the social media," he said.
He said there should not be any issue of inadequate supply of cooking oil as the production quota nationwide was 85,000 metric tonnes per month, 45,000 tonnes of which were in subsidised packets. — Bernama