Sugar price in Malaysia had been quite constant until Robert Kuok sold it sugar business in 2009. Since then, sugar price has almost doubled from RM1.45/kg to RM2.84/kg
Government cut sugar subsidy for so-called health reason.
People has to pay more not only for sugar, but beverages as well.
Tan Sri Syed Mokhtar Al-Bukhary's sugar assets:
Gula Padang Terap's net profit had grown to RM44.87m in 2012 from RM8.3m in 2008
CSR's had almost tripled from RM53.42m in 2008 to RM144.33m
And mind you that our sugar price was 70sen/kg more expensive (at RM2.50/kg before Budget 2014) than international price of RM1.80/kg. (Source). Sugar was around RM2.20 in our neighbours Thailand and Indonesia, still cheaper than sugar in our country.
What went wrong?