CYBERJAYA, Oct 14 – Judging by how global sugar prices have fallen sharply in recent months, the commodity should now be cheaper in Malaysia. This was confirmed today by Deputy Finance Minister I Datuk Ahmad Maslan after a briefing at the Inland Revenue Board headquarters here on new taxes proposed last Friday during the 2015 Budget announcement.
He said sugar was no longer a price-controlled item in Malaysia as of Oct 25, 2013 when Prime Minister Datuk Seri Najib Razak announced the abolition of all subsidies for sugar. While the price of sugar was set at RM2.84 per kg then, this price has remained over the past one year — despite global prices for this natural sweetener plunging in January this year.
After rising again to just above the RM2.84 per kg mark in June, global sugar prices have been on a downtrend since then. But within Malaysia, the RM2.84 price tag for sugar has remained firm these past 13 months. Ahmad Maslan said this should not be the case as sugar was now market priced.