12 Rabiulawal 1433
KUALA LUMPUR, Feb 3, 2012- The sugar subsidy for this year to 2014 has increased because the higher world prices compared with the price signed under the long-term contract (LTC) from 2009 to 2011.
Domestic Trade, Cooperatives and Consumerism Minister Datuk Seri Ismail Sabri Yaakob, said sugar price has increased by US$0.26 per lb compared with US$0.175 per lb in 2009-2011.
"As a result, the subsidy borne by the government from 2009-2011 is still based on US$0.175 per lb under the LTC," he said after launching the Menu Rakyat 1Malaysia at Bank Rakyat's cafetaria here.
He said for the next three years, the subsidy would increase based on the new LTC price of US$0.26 which the government signed in January.
Ismail Sabri refuted accusations by certain parties that the government has increased the sugar subsidy despite the fall in world raw sugar prices.
He said the price was still high at US$0.175 a lb.
The higher subsidy this year was not related to the fall in raw sugar prices eight months ago, he said.
Ismail Sabri said Malaysia imported almost 100 per cent of its sugar from Australia, Brazil and Thailand via Felda's subsidiary, MSM Malaysia Holdings Bhd, and Tradewinds.
Source- BERNAMA
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