BY AFIZ REDZUAN
KUALA LUMPUR, MARCH 16: Member of Parliament for Petaling Jaya Utara, Tony Pua believes the retail price of sugar in the country should be reduced and not increased based on global market prices of raw sugar.
He said that before 2015, two single Malaysia sugar producer purchased raw sugar through long-term government contracts (LTC) to import raw sugar supply.
“For 2009-2011, the price of raw sugar is set at US $ 17.50 100lbs, while for 2012-2014, price for the 100lbs is US $ 26.00.
“The purchase of raw sugar LTC subsequently repealed and manufacturers buy their raw sugar supply directly based on global market prices of raw sugar,” he said.
In the media session at the Parliament Lobby, he said between January 2012 to December 2014, producer prices of raw sugar supply is US $ 26 per 100lbs.
“They can sell sugar at RM2.84 per kilogram (kg) and had no problem making a profit.
“The question to be asked is the global market price for raw sugar is approximately US $ 18.16 per 100lbs, why the BN government saw it fit to increase the retail sugar price to RM2.95 per kg?
“In fact, after taking into account the difference in exchange rates during the period, the price of sugar should be reduced and not increased,” he said.
Pua also questioned the rationale for the government to raise the price of sugar as raw sugar prices on the world market experienced a decline in the last two years and adds to the suffering of the people.
“We urge the government to not only withdraw the price increase recently which is 11 cents for the retail price of sugar in reverse of lowering the ceiling price from RM2.84 per kg to reflect global prices that are much lower for raw sugar, over two years ago.
“This should be done immediately without any compensation or subsidy is paid to producers,” he said.
The price of sugar should be reduced
