Internal Trade Minister urges industry players to cut cooking oil price as global crude palm oil price drops

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Domestic Trade and Consumer Affairs Minister Datuk Alexander Nanta Linggi speaks during the dialogue in Kuching on September 14, 2020. – Photo by Sulok Tawie

Thursday, July 21, 2022 4:25 PM MYT

KUALA LUMPUR, July 21 – Industry players in the country are urged to cut the price of cooking oil as the global price of crude palm oil falls from its two-month high .

Domestic Trade and Consumer Affairs Minister Datuk Seri Alexander Nanta Linggi said that in principle, the price of the kitchen would change depending on the price of crude palm oil, with the world market price rising or falling.

“So we hope industry players will set an appropriate price at the retail level as well,” he told a news conference.

Previously, he attended a parade at the 50th anniversary celebration of the Ministry’s Law Enforcement Division and at the end of a two-week basic law enforcement course. Act 2022 held for 67 staff at Malaysia Prisons College here today.

Yesterday, Nanta reportedly said that the price of crude palm oil had risen from RM7,000 to RM3,600 per ton this week and the price of bottled cooking oil in the country would soon drop as well.

On another development, he said his ministry is ready to cooperate with the Ministry of Health (MoH) to solve the drug shortage problem.

“We need to discuss how to control or what needs to be controlled and not just the price, while the views of the Ministry of Health on the issues need to be considered,” he said.

He added that his ministry had also received complaints about the shortage of drugs, but not in large quantities.

Earlier in his speech, Nanta said his ministry had so far opened 6,457 investigation documents this year till last month, with the highest number of violations being unreasonable prices, 25.94 million RM of goods seized and compounds amounting to RM 3.33 million issued.

Nanta also announced that the post of Director of Enforcement in the ministry would be replaced by Director General of Enforcement and that of Deputy Director by Deputy Director General. — Bernama

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