PUTRAJAYA, May 11 (Bernama) — The cooking oil that is reported to have experienced a price hike of up to RM10 for a five-kilogramme (kg) bottle is not regulated under the Price Control and Anti-Profiteering Act (AKHAP) 2011 as it is categorised as blended cooking oil.
Domestic Trade and Consumer Affairs Minister Datuk Seri Alexander Nanta Linggi said the alleged price hike of cooking oil as reported involved the Knife and Red Eagle brands, which are not categorised under the AKHAP’s legal control.
“This is because it is under the blended cooking oil category and not pure cooking oil,” he tweeted today when commenting on allegations of the soaring prices of cooking oil.
According to reports, the price of five-kg blended cooking oil of the Red Eagle and Knife brands is said to be RM45 now compared to between RM30 and RM35 during the COVID-19 pandemic period.
Nanta said that effective from Aug 1, 2021, the maximum retail price of pure palm cooking oil sold in bottles is RM29.70 for five kg; RM18.70 (three kg); RM12.70 (two kg); and RM6.70 (one kg).
Nanta, meanwhile, said that traders, however, should not arbitrarily raise the price of blended cooking oil in the market.
He said the Ministry of Domestic Trade and Consumer Affairs (KPDNHEP) had the jurisdiction to investigate according to AKHAP, on the basis of profiteering.
He said a notice would be sent to the premises in accordance with Section 21 of AKHAP and, if there was an element of profiteering, legal action could be taken under Section 14(1) of the same act.
Upon conviction, corporations or companies can be fined up to RM500,000 while non-corporations or individuals can be fined up to RM100,000 or jailed for a term not exceeding three years or both.
He said the KPDNHEP enforcement officers were aware of the case and are taking further action.
Source: BERNAMA News Agency