MARKET DEVELOPMENT
KPDNKK Expects Shortage Of Cooking Oil In 1kg Packets To Ease Next Week
KPDNKK Expects Shortage Of Cooking Oil In 1kg Packets To Ease Next Week
04/11/2016 (Bernama) - The Domestic Trade, Cooperatives and Consumerism Ministry (KPDNKK) is expecting the shortage of cooking oil in 1kg packets in several areas will be resolved in stages in a week's time.
KPDNKK Anti-Profiteering Unit principal assistant director Low Swee Hon said the ministry was confident the shortage of cooking oil supply was only temporary, mainly due to panic buying.
"Since early this week, KPDNKK has been receiving complaints from the public on the shortage of cooking oil in 1kg packets in several locations nationwide.
"Initial investigations showed the situation arose due to unusually large quantity of purchase by consumers," she told reporters after an inspection of a Sime Darby cooking oil refinery here today.
Also present was the Malaysian Competition Commission (MyCC) enforcement division director Iskandar Ismail.
Commenting on the visit to the cooking oil refinery, Low said for the time being, the ministry could not fine any violations or hoarding of supply in the industry.
"KPDNKK hopes consumers will give time to oil producers to meet or restock their oil supply in a week's time," she said.
KPDNKK Minister Datuk Seri Hamzah Zainuddin earlier announced a restructuring of Cooking Oil Price Stabilisation Scheme in which the price of a 1kg packet will remain at RM2.50, but cooking oil in bottles would be sold at market price from Nov 1.
Hamzah said the price of crude palm oil had surged from RM2,300 per tonne in January last year to almost RM3,000 per tonne in September, causing the government to fork out a huge sum as subsidy.
KPDNKK Anti-Profiteering Unit principal assistant director Low Swee Hon said the ministry was confident the shortage of cooking oil supply was only temporary, mainly due to panic buying.
"Since early this week, KPDNKK has been receiving complaints from the public on the shortage of cooking oil in 1kg packets in several locations nationwide.
"Initial investigations showed the situation arose due to unusually large quantity of purchase by consumers," she told reporters after an inspection of a Sime Darby cooking oil refinery here today.
Also present was the Malaysian Competition Commission (MyCC) enforcement division director Iskandar Ismail.
Commenting on the visit to the cooking oil refinery, Low said for the time being, the ministry could not fine any violations or hoarding of supply in the industry.
"KPDNKK hopes consumers will give time to oil producers to meet or restock their oil supply in a week's time," she said.
KPDNKK Minister Datuk Seri Hamzah Zainuddin earlier announced a restructuring of Cooking Oil Price Stabilisation Scheme in which the price of a 1kg packet will remain at RM2.50, but cooking oil in bottles would be sold at market price from Nov 1.
Hamzah said the price of crude palm oil had surged from RM2,300 per tonne in January last year to almost RM3,000 per tonne in September, causing the government to fork out a huge sum as subsidy.