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Global shortage? Domestic trade ministry assures nation’s sugar supply, price unaffected | Scoop
The Domestic Trade and Cost of Living Ministry has assured that sugar supply and prices in the country are stable despite a global price surge. – Scoop pic, October 11, 2023
News

Global shortage? Domestic trade ministry assures nation’s sugar supply, price unaffected

Deputy minister says continuous monitoring done through regular inventory reports 

Main Author Image
Aiman Sadiq
Updated
10:00 AM MYT

 

KUALA LUMPUR – The Domestic Trade and Cost of Living Ministry has assured that the prices of subsidised raw and refined sugar will remain stable at RM2.85 and RM2.95 per kg respectively, despite the global surge in sugar prices. 

Deputy minister Fuziah Salleh also insisted that there is no sugar supply shortage, as all producers and wholesalers are mandated to report their inventory levels daily and weekly. 

The government initiated this reporting requirement in June to track the movement of sugar supply, ensuring a conducive local market environment. 

“In addition to enabling the ministry to monitor sugar stock levels held by producers and wholesalers, this directive also helps us track the volume of essential goods sold to retailers in compliance with regulations,” she told Scoop when contacted. 

“The government will continue to ensure that sugar is distributed at the specified rates, which are 24,000 tonnes for MSM Malaysia Holding Bhd (MSM) and 18,000 tonnes for Central Sugar Refinery Sdn Bhd (CSR).”

However, Fuziah acknowledged that the rising international sugar prices may lead to an RM1 increase in production costs per sugar packet. The government, she said, is considering various intervention measures to alleviate the impact on local sugar producers. 

“We will present this matter at an upcoming cabinet meeting to explore comprehensive solutions to these challenges,” she said. 

Fuziah also underscored the unity government’s commitment to engaging in strategic negotiations with producers and remaining open to suggestions for the sustainable development of the sugar industry. 

Regarding the local sugarcane industry in Chuping, Perlis, Fuziah said the ministry has not received any proposals for its revival from private parties. 

She clarified that the responsibility for this lies with MSM and CSR, both publicly and privately listed companies. 

“The redevelopment of the local sugarcane industry depends on their needs and preferences. However, we encourage the government to facilitate negotiations with foreign countries on this matter,” she said. 

Earlier, the Agriculture and Food Security Ministry said it was investigating reports of a shortage of subsidised sugar in the market, which could lead supermarkets and retail stores to increase sales of premium category sugar. 

According to the ministry’s sources, such shortages should not occur, as the suppliers are contractually obligated to deliver a minimum of 42,000 tonnes of subsidised sugar each week. – October 11, 2023 

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