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Sugar Price Goes Up 34 Sen

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Kuala Lumpur, Oct 26 -Sugar price will go up from RM2.50 to RM2.84 per kg with the abolition of the 34 sen sugar subsidy from today, said Minister of Domestic Trade, Cooperatives and Consumerism Datuk Hasan Malek.

He said the sugar subsidy reduction measure announced by Prime Minister Datuk Seri Najib Tun Razak in the Budget 2014 today, could save the country RM64.02 million this year and RM551.25 million next year.

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“These savings will be used to finance future infrastructure development in the country,” he told reporters at the Parliament lobby here, today.

Hasan said he wanted people, especially traders to see the sugar subsidy reduction in a positive light and not raise prices of sugar-based food dramatically.

– Bernama