Malaysia will once again set cap prices for bottled palm oil amid the fact that retail prices for the product have not fallen in the country, and the cost of crude palm oil (crude palm oil, CPO), on the contrary, has decreased. This was announced by the Chairman of the Task Force on inflation, Annuar Musa.
“It has been two weeks since the committee set aside time to lower the price of bottled palm oil. It seems that the current mechanism is ineffective, and the steps to negotiate and request a price reduction also do not seem to be effective. The government needs to make new decisions to protect the interests of the public,” he said.
Musa said specific measures to set a price cap for bottled oil would be published within a week.
In addition, the government decided to ban the export of vegetable oil in plastic bags in order to avoid smuggling of subsidized goods. The official recalled that the subsidies apply only to small portions of butter (up to 1 kg) packed in plastic bags.