The palm cooking oil industry has in principle agreed to make an ‘adjustment’ to reduce the price of cooking oil in stages based on the current market price of palm oil, said the Chairman of the Inflation Jihad Team, Tan Sri Annuar Musa.
The minister said, the industry has agreed with the recommendation of the Jihad Tangani Inflation Team on the price reduction which is expected to be implemented in the near future.
“What is important in principle is that the industry agrees to work with the committee for the reduction of cooking oil prices,” he said in a press conference after chairing the third series of the Jihad to Tackle Inflation Team Meeting, here on Thursday.
Annuar said it was a good development and an example of how all parties could create integrated cooperation that ultimately the people and consumers would benefit from the understanding.
According to him, the Jihad Tangani Inflation Team had held an engagement session with key players in the palm cooking oil industry, including cooking oil manufacturers, suppliers and packers on Tuesday (July 12).
