The Domestic Trade, Cooperatives and Consumerism Ministry has urged the public to stop spreading rumours of less cooking oil in the market as it may cause panic.

Its Enforcement Division director Mohd Roslan Mahayudin said such rumours would lead to panic buying and this would destabilise the stock of cooking oil.

"I would like to advise consumers not to panic as there is enough supply of cooking oil," he told reporters after launching the Post-GST Anti-Profiteering Act 2011 Advocacy and Consumer Awareness programme in Kuala Kangsar today.

He warned that stern action would be taken against the manufacturers, suppliers and retailers who hoard the cooking oil for quick gain.

They include seizing the goods, revoking their licence and dragging them to court under the Supply Control Act 1961.

"When goods become scarce, the prices will shoot up and this will burden the people," he added.

The ministry seized goods worth RM1.75 million last year following checks on 2.13 million premises for violating the Price Control and Anti-Profiteering Act 2011.

- Bernama