THE palm oil industry has agreed in principle to make adjustments to reduce prices of cooking oil in stages, based on the current market price of crude palm oil, said Special Task Force on Jihad Against Inflation chairman Tan Sri Annuar Musa.
Annuar, who is also the Communications and Multimedia Minister, said the industry had agreed with the special task force’s recommendation on price reduction, which is expected to be implemented soon.
“What is important is that the industry has agreed in principle to work with us for the reduction of cooking oil prices,” he was reported as saying by Bernama at a press conference after chairing the special task force’s third meeting today (July 14).
According to Annuar, this was a good development and an example of how all quarters could cooperate and ultimately benefit the people.
He said an engagement session was held with key players in the palm oil industry, including manufacturers, suppliers and packaging companies on Tuesday (July 12). – July 14, 2022
