The Malaysian government said it would flood the retail market with cooking oil starting Tuesday to overcome panic buying sparked by fears of a shortage ahead of Chinese Lunar New Year festivities. Stores in many states have been depleted of palm oil-based cooking oil in recent days, prompting authorities to impose temporary rationing.
Prime Minister Abdullah Ahmad Badawi said in a statement late Monday that a special Cabinet committee has decided to "increase the production quota of subsidized cooking oil significantly in the nearest future."
Domestic Trade Minister Shafie Apdal said manufacturers and refineries across Malaysia - a key palm oil producer - have been told to boost monthly production to 70,000 metric tons starting Tuesday, up from the usual 55,000 tons.
Malaysia to Flood Stores with Cooking Oil amid Panic Buying
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