PETALING JAYA, Feb 23 (Bernama) -- There will be no increase in the price of sugar in the near future, Domestic Trade and Consumer Affairs Minister Datuk Shahrir Abdul Samad announced Monday.
Retailers should therefore refrain from hiking the price until the ministry decide on the matter.
"There is no hike in the price but there may be a slight increase in the price of sugar in certain retail shops, especially those which obtained supplies from bigger shops.
"This is because they cannot sell the item at the stipulated price," he told reporters after launching Nestle (Malaysia) Berhad's price-reduction campaign at the Nestle Manufacturing (Malaysia) Sdn Bhd, here.
He said that many small retailers on the outskirts of Selangor and the Federal Territories were selling sugar between RM1.50 and RM1.70 per kilogram.
The price of sugar is fixed at RM1.45 per kg and the last time the price was reviewed was three years ago.
Shahrir was quoted as saying on Jan 20 that the price of sugar might be increased after the Chinese New Year due to its higher price in the international market.
Malaysia is importing up to 90 per cent of its sugar supply.
When told that some traders had already increased the sugar price following his announcement in January, Shahrir said, the government would monitor the situation and would take action against those doing so indiscriminately.
Meanwhile, Nestle (Malaysia) Berhad is embarking on a price reduction campaign since Feb 16. Under the campaign, the price of the Milo product is now lower by between 6.4 and 8.6 per cent.
There were no price reductions for dairy products such as Everyday, Nespray and Nesvita as well as Maggie but consumers would be given extra content of between 8 and 12 per cent.
Present were Nestle (Malaysia) Berhad managing director Sullivan O'Carroll and Shahrir's deputy, Jelaing Mersat.
-- BERNAMA
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