PUTRAJAYA: The palm oil industry has agreed in principle to reduce cooking oil prices in stages based on the current market value of crude palm oil.
Special Task Force on Jihad Against Inflation chairman Tan Sri Annuar Musa, who is also communications and multimedia minister, said industry players had agreed with the special task force's recommendation to reduce prices, which was 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 told a press conference after chairing the special task force's third meeting here today.
He said this was a good development and an example of how all quarters could cooperate to benefit the people.
Annuar said an engagement was held with key players in the palm oil industry, including manufacturers, suppliers and packaging companies, on Tuesday.
Annuar said the task force had received a lot of information on the smuggling of cooking oil, and stressed that the authorities would not compromise with the activity.
"We are monitoring several smuggling networks, so those involved in such activities should not think that they can get away with it as the authorities will continue with their (enforcement) action," he said.
Annuar urged the public to inform the authorities on the misappropriation of cooking oil.
On managing the cost of living in higher learning institutions, Annuar said the Higher Education Ministry was drawing up plans and carrying out efforts to offer food for as low as RM3.50 per meal.
He said following a meeting between Higher Education Minister Datuk Seri Dr Noraini Ahmad and university administrators, various measures were being formulated to reduce the cost of living for students, not only in terms of food but also accommodation, transport and fees.
"This also shows that it is possible to curb the rising prices of goods and cost of living when there is consensus and cooperation," he said. – BERNAMA