Cooking oil price to be cut when crude palm oil goes down

KUALA LUMPUR: The price of cooking oil will come down only if the crude palm oil price is below RM1,500 per tonne, said Datuk Shahrir Abdul Samad.

“When the CPO price comes down to a level where the Government does not need to subsidise, the cooking oil price will go down on its own.

“However, bear in mind that a decrease in the CPO price will hurt the small traders,” said Shahrir, adding that the price of Malaysia’s subsidised cooking oil was controlled at RM2.50 per kilo.

The Domestic Trade and Consumer Affairs Minister was responding to a question at a press conference at a hotel here yesterday after presenting the Fair Price Shops Award 2008/2009.

A total of 373 outlets were awarded the Fair Pricing certification.

Shahrir said this year the Government had spent RM1bil in cooking oil stabilisation scheme (COSS) to subsidise cooking oil.

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