‘Sugar price won’t go up’

PUTRAJAYA: The government will not increase the price of sugar despite a request by a major manufacturer.

Domestic Trade, Cooperatives and Consumerism Minister Datuk Seri Hamzah Zainuddin said the price of sugar had been raised by 11 sen in March, and the world market price of the commodity has dropped.

He said the government had raised the sugar price at the time because the global market price then was at US22 cents to US23 cents per pound.

“So, why should we increase the price when the world market price has dropped?” he said, referring to the current world market price at US17 cents per pound.

Hamzah was responding to the request made by local sugar producer, MSM Malaysia Holdings Bhd, to raise the price of sugar by 29 sen per kilogramme.

The minister said the top management of MSM Malaysia, including its chief executive officer, had met him recently to discuss the matter.

“I told them firmly that the price of sugar could not be increased unless the company has made a big loss.

“But MSM Malaysia has recorded profits. Hence, it is unfair for the government to allow the price of sugar to be raised to enable the company to double its profit,” he said at the ministry’s monthly assembly yesterday.

At the assembly, Hamzah also launched the ‘’#janganlebihlebih menjelang sambutan bulan Ramadan dan Aidilfitri’’ video campaign to create awareness among consumers not to overspend or waste, but to spend moderately. – Bernama