RM400 mln injection to stabilise cooking oil price

Datuk Seri Alexander Nanta Linggi. Photo: Bernama

KUALA LUMPUR: The RM400 million injection for the Cooking Oil Price Stabilisation Scheme (COSS) through 2021 Budget is expected to have an impact on the B40 target groups, said Domestic Trade and Consumer Affairs Minister Datuk Seri Alexander Nanta Linggi.

He said COSS is able to minimise the impact of crude palm oil price hike on cooking oil prices, stabilise the retail price of subsidised cooking oil for local household use and ensure adequate supply in the market.

“Since the Domestic Trade and Consumer Affairs Ministry (KPDNHEP) took over COSS on Nov 1, 2016, it has benefited 33.2 million people who receive the supply of subsidised cooking oil at an estimated rate of 2.5 kg per capita per month.

“COSS is also able to ensure stable cooking oil prices in the domestic market by reducing the impact of fluctuations in prices of crude palm oil in the world market,” he said when appearing as a guest on RTM’s ‘Bicara Naratif-Belanjawan KPDNHEP 2021: Impak Kepada Ekonomi Dan Rakyat’ programme last night.

Nanta said under the budget, his ministry would receive RM680 million specifically to address the issue of rising costs of living.

As such, he said KPDNHEP would intensify its efforts through the implementation of three targeted subsidy programmes in addition to the price standardisation scheme which would be able to help improve the lives of the people.

“Others are essential goods distribution programme, liquefied petroleum gas (LPG), and Community Drumming, Price Standardisation Programme in Sarawak, Sabah and Labuan as well as general purpose wheat flour subsidy,” he said.

Nanta said all the programmes have been drawn up by prioritising the interest of the people and to help alleviate the financial burden of those affected by the spread of Covid-19.

He said KPDNHEP also implemented collaborative enforcement effort with the Malaysia Competition Commission (MyCC) in a bid to protect the competitive process for the benefit of businesses, consumers and the economy. – Bernama