Government assures no increase in sugar prices
Published on: Sunday, June 30, 2024
By: Bernama
For illustrative purposes only.
NIBONG TEBAL: The government has assured that there have been no increases in sugar prices in the market so far, Deputy Domestic Trade and Cost of Living (KPDN) Minister Fuziah Salleh said.
She said no decisions have been made at the Cabinet level to raise sugar prices, a clarification that has been reiterated in Parliament on numerous occasions.
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Fuziah explained that speculation about a potential price hike emerged last April following industry complaints that prompted requests for a price increase, citing losses of 88 sen per kilogramme of sugar produced.
"To address this, the government has provided monthly incentives totaling RM42 million to stabilise supply prices.
“This measure aims to prevent production stoppages due to financial losses," she told reporters at the state-level MySubsidi Diesel SKDS 2.0 Open Day here today.
She noted that the speculation arose due to the indefinite duration of the government's incentive programme, which continues to date.
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In April, the ministry (KPDN) announced that the government would decide on mechanisms to stabilise sugar supply, including pricing considerations, in the second quarter of this year.
Minister Datuk Armizan Mohd Ali indicated that evaluation of potential mechanisms includes proposals for maintaining sugar stocks, providing subsidies, or adjusting the controlled price, currently set at RM2.85 per kilogramme.
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