Malaysians should be thankful that the retail price of sugar in the country is lower than in Thailand, despite the 11 sen a kilo hike earlier this month, Domestic Trade, Cooperatives and Consumerism Minister Hamzah Zainuddin said.

"Malaysians should say ‘thank you’ to me, instead of blaming me (for the sugar price hike).

"We import more than 50 percent of the sugar from Thailand... when we do comparisons, the retail price in Thailand is RM3.20 a kilo," Hamzah told reporters when met in the Parliament lobby today.

Raw sugar prices went up 11 sen per kg earlier this month, from RM2.84 per kg to RM2.95.

Malaysia imports 100 percent of its sugar, Hamzah said.

Earlier, in the Dewan Rakyat, the minister explained that the decline in the ringgit, coupled with an increase in import prices, contributed to the rise in the sugar price.

He said at the time of the last sugar price increase, in October 2013, the import price was 15 US cents per pound, when the ringgit then was RM3.20 to the dollar.

Now, Hamzah said, the sugar import price has increased to 21 US cents per pound, while the ringgit stands at RM4.46 to the dollar.

He also said that the increase in the sugar price was minimal, at 3.8 percent.

Hamzah later told reporters that the hike should not lead to a big increase in food prices, and that the ministry would take action against errant traders profiteering from the hike.

On a related matter, Agriculture and Agro-based Industries Minister Shabery Cheek said the current spike in the price of 'ikan kembong' was due to low supplies.

Shabery said due to a change in the patterns of the monsoon, there were less 'ikan kembong' in Malaysians waters, but the situation would rectify itself later.

There is no plan to introduce a ceiling price for fish, he added.