Industry agrees to reduce cooking oil prices in stages, says minister

The palm oil industry has agreed in principle to make adjustments to reduce cooking oil prices in stages, based on the current market price of crude palm oil, Special Task Force on Jihad Against Inflation chairman Annuar Musa said today.

Annuar, who is also communications and multimedia minister, said the industry had agreed with the special task force’s recommendation on price reductions, which is expected to be implemented soon.

"What is important is that the industry has agreed in principle to work with us for the reduction of cooking oil prices," he told a press conference after chairing the special task force’s third meeting in Putrajaya.

He added that this was a good development and an example of how all quarters could cooperate and ultimately benefit the people.

According to Annuar, an engagement session was held with key players in the palm oil industry, including manufacturers, suppliers and packaging companies, on July 12.

Meanwhile, Annuar said the special task force had received a lot of information on the smuggling of cooking oil, adding that the enforcement authorities would not compromise on such misconduct.

"We are monitoring several smuggling networks, so those involved in such activities should not think that they can get away with it as the authorities will continue with their (enforcement) actions," he said, urging the public to provide information on the misappropriation of cooking oil to the authorities.

On the cost of living at institutions of higher learning, Annuar said the higher education ministry was drawing up various plans to address the issue, apart from implementing an initiative to offer food for as low as RM3.50 per plate.

He said following a meeting between Higher Education Minister Noraini Ahmad and university administrators, measures were being formulated to help reduce the cost of living for students not only in terms of daily food supply but also accommodation, transportation and fees.

"This also shows that it is possible to implement efforts to curb the rising prices of goods and cost of living when there is consensus and cooperation," he said.