KUALA LUMPUR, Aug 28 — Sugar price in Malaysia is already among the lowest in the world even before a government-mandated reduction next month, said two refiners today.
However, MSM Malaysia Holdings Bhd (MSM) and Central Sugars Refinery Sdn Bhd (CSR) both said they accepted the government’s decision to lower the ceiling price of sugar by 10 sen/kg starting September 1.
“At the revised retail rates of RM2.85/kg for coarse grain sugar and RM2.95/kg for fine granulated sugar, the prices are even lower than the prices in sugar-producing countries such as Thailand, Indonesia and the Philippines, as well as countries with lower per capita income such as Cambodia and Myanmar,” the refiners said in the joint statement.
The two firms added that the local sugar industry was also navigating its own set of challenges including smuggling and rising costs.
The refiners also claimed to have been absorbing higher raw material prices and exchange rate losses rather than passing these on to the consumers.
They then urged the public to consume sugar sparingly for health reasons.