Don T Hoard Cooking Oil Annuar Warns Producers And Sellers

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Some supermarkets have begun to cut the price of cooking oil even before a controlled price comes into effect tomorrow, Annuar Musa said.SERDANG: Cooking oil producers and sellers have been told to avoid hoarding or rationing the commodity once a controlled maximum price at RM34.70 per five-kilogramme bottle comes into effect tomorrow.
Anti-inflation task force chairman Annuar Musa said traders and retailers who resorted to such practices would ultimately lose out, apart from creating problems for consumers.
“Just because the price of oil will drop, for example, people should not start hoarding. It won’t solve the problem,” he said when asked about the possibility of hoarding when the price of cooking oil is low.
Annuar said it was apparent that cooperation among agencies had produced a positive impact as some supermarkets had begun reducing the price of unsubsidised bottled cooking oil although the ceiling price would only come into effect tomorrow.
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“So far I am very satisfied because after the announcement on the maximum price for cooking oil, many have reduced the price to below RM34.70 even before Aug 8.
“Yesterday, in Melaka I saw chicken being sold at RM7.99 per kg although the ceiling price is RM9.40. That means we can do it (reduce prices) but we need the cooperation of all parties,” he added.
The government has set the ceiling price of unsubsidised pure palm-based cooking oil at RM34.70 per five-kilogramme bottle effective Aug 8.
The price of cooking oil will be set each month and announced by the Malaysian Palm Oil Board. - FMT

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