by AZALEA AZUAR / pic by BERNAMA
AN INSPECTION conducted by the Ministry of Domestic Trade and Consumer Affairs (KPDNHEP) revealed that only 163 out of 166 cooking oil items have maintained their prices while the profit margin remains consistent.
From the inspection, three retailers were suspected of profiteering from the oil products.
Currently, three papers have been opened for investigation, two cases were reported for committing the offense while one case is still being investigated.
“We are still monitoring the price of cooking oil in the market to weed out uncontrolled price activities and ensure action taken against profiteering traders under Section 21 of the Price Control and Anti-Profiteering Act 2011,” KPDNHEP said in a statement yesterday.
The rise in cooking oil prices was caused by the increasing costs of major raw materials for cooking oil production such as crude palm oil which continues to increase since last year.
“Traders are reminded not to take advantage by profiteering as this will result in the instability of the price of essential goods in the market which will eventually be a burden to the people.
“Stern action will be taken against those who profiteer,” the ministry said. KPDNHEP also clarified that the 1kg polybag cooking oil is of similar quality to those sold in bottles.
The ministry stressed that there is no issue of cooking oil sold in polybags are of poor quality or recycled oil, such as the views of certain parties.
The price of 1kg polybag cooking oil has been subsidised by the government which makes it lower compared to cooking oil sold in bottles.
“The main goal is to ensure people can get the price of cooking oil for household use with a reasonable price of RM2.50 per 1kg polybag.
“Furthermore, the packaging cost for the polybag is more economical,” it added.
KPDNHEP is conducting Ops Rantai 7.0 to monitor cooking oil prices in the market and profiteering activities among manufacturers and retailers.