'MALAYSIA SUGAR RATE SHOULD HAVE BEEN REDUCED'.
Byline: S.KAMAL HAYDER KAZMI
The DAP's Tony Pua of Malaysia said retail sugar price in the country should have been reduced and not increased, based on global market raw sugar prices.
In a statement, Pua who is DAP national publicity secretary and MP for Petaling Jaya Utara, pointed out prior to 2015, Malaysia's two sole sugar manufacturers purchased raw sugar via the government's long term contracts (LTC) for imported raw sugar supply.
He said for 2009-2011, the fixed raw sugar price was US$17.50 per 100lbs, while for 2012-2014, the price per 100lbs was US$26.00. Pua said the LTC raw sugar purchasing system was subsequently abolished and manufacturers purchased their raw sugar supply directly, based on global market raw sugar prices. Pua said between January 2012 to December 2014, the manufacturer's raw sugar supply price was US$26 per 100lbs.
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|Publication:||Pakistan & Gulf Economist|
|Date:||Mar 26, 2017|
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