FORMER Prime Minister Datuk Seri Najib Tun Razak mocked the Government for its inability to stabilise cooking oil prices despite vowing to resolve the matter in January itself.
“In Jan 20, the Government said it will study the soaring cooking oil prices. On June 8, the Government again announced it will deliberate on the matter after prices went up by three times since January.
“But from movement control order (MCO 2.0) until MCO 3.0, with the lockdown almost ending, the Government is still studying the matter.
“Now, they are forming yet another committee to study the issue,” he said, in a Facebook post.
On June 12, Bernama reported the Domestic Trade and Consumer Affairs Ministry (KPDNHEP) as saying that it would conduct a study to set a ceiling price for 5 kg bottled cooking oil, based on the current market price.
Its deputy minister Datuk Rosol Wahid said his team would also discuss the recommended ceiling price with both the Plantation Industries and Commodities Ministry and Finance Ministry.
Use Windfall Tax to subside cooking oil
He said cooking oil had experienced a price hike due to soaring price of crude palm oil.
Unimpressed by the Government’s inaction, Najib said he had offered solution the matter several times but was unheeded by the authorities until today.
“The solution is quite simple. Impose Windfall Tax on the palm oil sector as they are enjoying extraordinary profits right now.
“And use the proceeds to subsidise 5 kg bottled cooking oil for the next six months to stabilise the prices,” he stated.
The Pekan MP added that such measure is needed right now as inflation was rising, putting additional burden on the people who had suffered job losses and reduced income.
“Don’t worry about unscrupulous people smuggling the subsidised cooking oil out as the chances of that happening is slim, due to border closures triggered by COVID-19,” he remarked. – June 27, 2021.
