KUALA LUMPUR (Aug 2): Malaysia sugar prices may be reduced within the next six months as the government plans to negotiate with sugar refineries to reduce prices of the commodity.

Domestic Trade and Consumer Affairs Deputy Minister Chong Chieng Jen said the government is also considering issuing more approved permits (AP) to sugar importers. Coarse and refined sugars are priced at RM2.95 and RM3.05 per kg respectively.

"Our main consideration is to reduce sugar prices. In the past, AP is very controlled, so it's only given to a few (companies), and at the moment, the international sugar price has gone up a lot, and there is a call for the issuance of more APs to reduce the price of the sugar," Chong told reporters at the Parliament lobby here today

Chong said it is "very likely" for Malaysia sugar prices to go lower "soon". He, however, said it is impossible for retail prices of sugar in the country to go as low as RM1.50 per kg.

He claimed that Malaysia's retail prices for sugar are the lowest in Asia. According to him, Indonesia, Vietnam, and Singapore sugar prices, in ringgit terms, are at RM3.58, RM4.41 and RM4.65 per kg respectively.

In the Parliament earlier today, Chong was responding to Labis MP Pang Hok Liong's query on whether the ministry is ready to issue more APs to sugar importers so that the prices of sugar can be lowered to RM1.50 per kg or less.