PUTRAJAYA, Nov 2 (Bernama) — The price of five kilogrammes (kg) of cooking oil will drop by 60 sen to RM30.90, effective Nov 8 (Tuesday) to Dec 7, from RM31.50, according to the Domestic Trade and Consumer Affairs Ministry (KPDNHEP).

In a statement today, KPDNHEP said the price of a 3kg bottle of cooking oil would be RM19.60 compared to RM19.90; 2kg (RM13.30 from RM13.50); and 1kg bottle (RM6.90 from RM7.10).

KPDNHEP said the new prices were set after the government continued to control the price of bottled palm cooking oil implemented since Aug 8.

“This price control is imposed following the ‘moveable’ ceiling price method based on the average world crude palm oil price,” said the statement.

KPDNHEP said action under the Price Control and Anti-Profiteering Act 2011 could be taken against any party selling the cooking oil above the maximum ceiling price.

“Consumers are urged to be the ‘ears and eyes’ of the government by channelling information on violations of the law pertaining to the retail price of palm cooking oil in the market,” it added.

Source: BERNAMA News Agency