KUALA LUMPUR (March 14): The 11 sen sugar price hike to RM2.95 only represents about 3.8% increment from RM2.84 previously, and hence the impact to consumer would be minimal, according to the Minister of Domestic Trade, Co-operatives and Consumerism Datuk Seri Hamzah Zainudin. Year-to-date, we received only about 60 complaints, considering we announced the sugar price hike in the middle of this period, the amount of complaints is considered low," he added. Hamzah also said his Ministry would only review the sugar price when the ringgit strengthens and international raw sugar prices trends lower than 21 US cents per pound. Hamzah said international raw sugar prices have stabilised at 21 US cents per pound on average, over the past three months. Hamzah was responding to Sabak Berman member of Parliament Datuk Haji Mohd Fasiah Mohd Fakeh's query on the factors contributing to the 11 sen price hike effective March 1 this year.

Source: The Edge Markets March 14, 2017 04:18 UTC