Petrol up by RM0.78 huh?

Depression is rife tonight as Petrol prices at pump will be UP by a hefty RM0.78 after 12.00 sharp midnight 5th June 2008.

Earlier it was mentioned that the hike will only be implemented some time in August. [Source]

In February 2008, Malaysians are promised no petrol price increase after 12th general election. [Source]

Our petrol price will now be higher than China and perhaps soon approximating Thailand’s (produces little oil) while comparing with some oil producing countries Malaysia champions them all!

UAE– RM1.19/litre
Eygpt– RM1.03/litre
Bahrain– RM0.87/litre
Qatar– RM0.68/litre
Kuwait– RM0.67/litre
Saudi Arabia– RM0.38/litre
Iran– RM0.35/litre
Nigeria– RM0.32/litre
Turkmenistan– RM0.25/litre
Venezuela– RM0.16/litre
China- RM2.35/litre
Brunei- RM1.20/litre
MALAYSIA– RM2.70/litre

Not only that our electricity tariffs will be increased by 18% for homes and 26% for businesses.

Petrol prices will also be subjected to a review from month to month. [Source]

According to an unidentified blogger, the petrol price hike reduces our government’s RM40 – RM56billion oil subsidy BUT, apparently, after considering giving out all RM625 rebates per car below 2,000cc and blah blah blah incentives, our government may save only RM5+ billion. Contrary, blogger YB Uncle Lim said RM4 billion in savings.

However, according to Channelnewsasia, some RM13.7 billion would be saved by the new measure, including RM1.7 billion in a windfall tax charged to independent power producers (IPPs) and palm oil growers who have benefited from rising oil prices.

Jeff Ooi.com

A 40.6% hike in petrol (63.3% hike for diesel) tonight alone does not save the whole oil subsidy expenditure, therefore, if the government wishes to remove the entire subsidy (which is part of the government’s ultimate plan) then folks please be PREPARED for the next “super-hike”!

Moreover, the government needs RM10 billion (at today’s price this is minimal) to build additional, efficient and cost-effective public transport system in the Klang Valley. [Source]

Interestingly, national oil company PETRONAS makes a net profit of RM46.4 billion in the last financial year. Over the past 33 years, Petronas had returned RM336 billion to our government. [Source]

Blogger Anil Netto asks where has the money gone to?

I read that PETRONAS used to make a net profit of about RM80 billion for many years when the world crude oil was at about US$20 per barrel.

According to blogger YB Jeff Ooi, PETRONAS has paid out RM58.2 billion in gas subsidies since 1997, out of which, RM26.7 billion has gone into the pockets of the IPPs such as Malakoff, YTL Power, Powertek etc.

You can ask a million question from these facts but NO one can answer you except our B-N government.

In the meantime, here’s a preview of what our government wishes to do for a “NEW” Johor Bahru City – part of Iskandar Malaysia ambitious masterplan.

Danga Bay Future_1

Danga Bay Future_2

CAN YOU BELIEVE IT ??? (more details next time…)

I guess this is where Petronas money is going to, outwardly…

WELCOME TO BOLEH-land hahaha…

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Posted in politics. Tags: . 8 Comments »

8 Responses to “Petrol up by RM0.78 huh?”

  1. Petrol price hike, what others are saying | Malaysia Social Politics | YeinJee Says:

    […] Ooi ll Galvin ll Hanief ll Eddie Law ll Rocky ll Kenneth Lee ll SK Thew ll Audie ll Kuan Chong ll Malaysiacity […]

  2. kevyeoh Says:

    useless shit… buka more corridor la…and then use up rakyat’s subsidy for petrol…

  3. theowl Says:

    The 6.5 billion citizens of this globe are paying trillion dollars extra due to the oil price increase. Who are the recipients of this windfall, bearing in mind that oil is gift of God and citizens of this world are the owners of this gift. I believe all this increase had gone to the pockets of the oil producing countries, including Malaysia, and the oil related businesses. The unfair distribution of this increase in oil price gain will imporish almost all the citizens on this to enrich the coffer of just a few. Is this what the world should be? How do we overcome this? What should the global citizen do? Rob those profiterrs? Kill them? Spit on them? Be firm on these businesses and not be fooled by their CSR and some meagre donations here and there.

    Malaysia produces more oil than we consume. The higher the oil price, the richer will the country be. How come the Malaysians are paying more and more for oil and energy related services, getting poorer and poorer while certian businesses, especially the GLCs and the banks are competing in making higher profits in term of billions?

  4. theowl Says:

    Sorry in my earlier submission, the word “imporish” should be “impoverish”

  5. AL Says:

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  6. Sue Lin Says:

    Hey, isnt it like… 135cents a litre or so in Aust? In Dec it cost me AUD$70 a full tank there…

  7. Petrol Contest Says:

    Are Malaysians just are bunch of whiners? I believe there is nothing wrong with the decision to reduce subsidy but I am disgusted with the hasty implementation by the government. What is the rush? Can’t even wait a day or two to avoid such a massive traffic jam at the petrol stations at night on 4th June?

    For those who have been nagging about Malaysia having Petronas and thus we should not pay more than UAE, Qatar etc, correct me if I am wrong. Although we are an oil exporter, we cannot compare ourselves with UAE, Eygpt, Brunei etc because we have less production per capita. In other words, we have bigger population as compared to our export.

    According to http://www.nationmaster.com/graph/ene_oil_exp_net_percap-oil-exports-net-per-capita , we are at same level with the UK in terms of export per capita… and UK’s fuel price is at RM10/liter?

    Don’t get me wrong, I am all for cheap fuel but lets be give government some credit for being bold with a decent, but hasty decision 🙂

  8. Kijiki Says:

    Dear Petrol Contest,
    You can’t compare Malaysia petrol rate with UK. U say in UK it was RM10 per litre, in fact it is actually 1.4 pound per litre. The average Malaysian engineer is earning RM 1,500 to Rm 4,000 but the average British Technician can earn more than 100,000 ringit per year. Are you saying that you fill up petrol in UK by paying Ringgit?

    In economy, dollar to dollar must be compared as apple to apple. Not comparing like durian in M’sia is much cheaper than durian in UK !! Of course-lah, UK is not durian producer!!! Comparing Malaysian durian with Thailand durian make more sense!!

    For Thailand it is quoted at RM3.90/liter, however, in Thailand new cars are cheaper than Malaysia by RM10,000? They pay only one life time for their driving license? No renewal fee after that? Also that goes for road tax as well? In Thailand u don’t hv to pay Tolls ??!!

    For Singapore is only $2.20/liter, still cheaper than Malaysia in view of fact that Singapore is not a crude oil exporter.


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