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!
Saudi Arabia– RM0.38/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.
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.
CAN YOU BELIEVE IT ??? (more details next time…)
I guess this is where Petronas money is going to, outwardly…
WELCOME TO BOLEH-land hahaha…