Guan Eng: Announcement on new sugar price to be made following study

KUALA LUMPUR: An announcement on the new price of sugar will be made following a study on the matter, said Finance Minister Lim Guan Eng.

"A comprehensive study is currently being carried out and the Domestic Trade and Consumer Affairs will make an announcement on the price of sugar," he said when replying raised by Datuk Seri Khairudin Samad in the Dewan Negara on Monday (Aug 20).

Khairudin wanted to know why the prices of some goods had not gone down following the GST tax holiday that began on June 1.

Lim said cited structural factors and monopolies practiced by certain industries as reasons why prices of certain goods are fixed.

"For example, why is the sundry price of sugar RM2.90 per kilo which is almost double that of global market price of RM1.40 per kilo.

"This is due to structural factors and the power of monopolies which do not benefit the people," he said.

However, Lim did not specify when the announcement on the price of sugar would be made by Domestic Trade and Consumer Affairs Minister Datuk Saifuddin Nasution Ismail.