The sole reason for the price hike? Sugar is high on demand. Be prepared to see everything on the market go on a price hike. Even those non-relative to sugar.
Let me give you an example:
Imagine a coffee shop that gets visited by a lot of customers. Most of the patrons to that coffee shop are people who love to hang out and chit chat so they usually order coffee, tea or whatever drinks that's on the menu. Now imagine that the majority orders '忘情水‘ (chinese tea with sugar/syrup). But after the price hike, everyone orders sky juice or plain chinese tea because its cheaper. The coffee shop will not earn as much profit if this happens. So do you think the owner of that coffee shop will sit idly with the measly amount of profit? Or increase the price of cheaper drinks to make sure his profits are consistent?
Same goes for petroleum. Do you think RON95 will stay at RM1.90 per liter while RON97 continue to grow more and more expensive?
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