End to cooking oil subsidy, prices up Nov 1

pricePETALING JAYA: The cost of eating out and dining in is expected to rise following the announcement that the price of cooking oil will increase from next month, The Star reported today.

According to a statement released by the Malayan Edible Oil Manufacturers’ Association (Meoma) yesterday, the subsidies for the 500g, 1kg, 2kg, and 3kg bottles of cooking oil will be removed from Nov 1, and the 5kg bottle from Jan 1, 2017.

“All retail prices of blended cooking oil in various packing sizes will also no longer be subsidised,” Meoma said, adding that only the 1kg polybag will continue to be subsidised.

This would be the first increase in the price of cooking oil in 10 years, according to The Star.

Meoma said the move was in line with the Restructuring of Cooking Oil Price Stabilisation Scheme (COSS) implemented by the Government in June 2007 and also part of the government’s subsidy rationalisation plan.