RON97 and kerosene prices up again!

The prices of RON97 petrol and kerosene was increased by 10 sen respectively. Third month in a row

With the increase, RON97 petrol will cost RM2.40 per litre (previous RM2.30)while kerosene will be sold at RM2.50 per litre.

Hashim, when contacted by Bernama, said that he was informed about the increase by the authorities....

Fuel, Gas, Sugar prices hike!

RON97 petrol will no longer be subsidised and is subjected to a managed float with a monthly automatic pricing mechanism.

Prime Minister Najib Abdul Razak announced yesterday the government was reducing subsidies for petrol, diesel, liquefied petroleum gas and sugar from today as a first step to the saving money for the BN government.

Following the reduction, the price of RON95 petrol went up by five sen to RM1.85 a litre and diesel price also increased by five sen to RM1.75 a litre.

While the rich umnoputras will say this is just 'chicken feed' to them but NOT to us!

So they are telling us to tighten our belts and face the increase of other goods and services, sparked by price hikes of petrol, gas and sugar. Malaysia is a oil and gas producing country and rich with natural resources...fertile lands for sugar, oil palm and various crops.

Can anyone explain the rationale?

If the method of calculation of petrol price is correct, it looks like
we consumers are been screwed all the way. So what are we going to do?
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Petrol price calculation:


1 barrel = 158.987146 liters

Current international price USD54.64/1 barrel
Current exchange rate: USD1 = RM3.61
Previously when oil price was USD145/barrel:
USD145 x 3.3 (exchange rate) / 159 liter = RM3 - RM0.30 (subsidy) = RM2.70

Current oil price @ USD55/barrel:
USD54.64 x 3.6 (current ex rate) / 159liter = RM1.23 (no subsidy)

Current petrol price: rm2.00 but actual price is RM1.23 so we pay back
to government 77 cents. What happen to the money???

Inflation jumps to 27-year high!

Malaysia's inflation rate jumps to a 27-year high of 8.5 percent in August driven by escalating cost of food and fuel.

Cost of food & non-alcoholic drinks rose to 11.7 percent! Transport rose to 21.8% while restaurants and hotels - 6.5%! Inflation is expected to rise further although the government cut petrol & diesel prices by a mere 10 sen.

The effects of the June fuel hike of a whopping 41% brought cost of food, transportation and other items to skyrocket which would seem to be irreversible. Anyway, the harm was done, no thanks to the PM.

PM: No fuel price reduction before Sept 1

The prime minister had announced on Aug 1 that beginning Sept 1 the retail price of petrol will be streamlined and based on the average monthly market price of world crude oil with the government maintaining the subsidy rate at 30 sen per litre.

What happen to oil royalty for Sabah? Did Petronas explain why subsidy arises?

So who actually benefitted from this subsidy payout scheme?
If the amount is in the neighbourhood of RM 1 billion, then long term deposit with a commercial bank, Pos Malaysia or indirectly, ECM Libra would have made RM 39 million per annum or RM 106, 849.32 daily.

That is not including the management or services fee that Pos Malaysia charges the Government for this service. If the charge is just 1.0% of the amount, it means Pos Malaysia would have made RM 50 million per annum free income without incurring significant operations cost. If the pay out amount for the year is in multiples of RM 1 billion, then the profits will be realised will be on the same proportion.

That is definitely a great business model for the owners of ECM Libra, which include Riong Kali and Khairy Jamaluddin, two of PM 'Flip-Flop' Abdullah's closest advisers! related stories...the people's sufferings

Anwar vs Shabery Debate on Fuel Price

"Anwar's explanations were simple, clear and up to the point. Shabery was no match for Anwar. It is a shame for Shabery to touch on personal issues when he could not answer the questions posed to him." quoted from Malaysiakini

Who really made money from the RM 625.00/car subsidy pay out?

Recently, Government announced that the pay out subsidy for private cars below 2000cc, SUVs below 2500cc and motorcycles below 250cc be made on cash, via all the post offices in the country.

Oil "subsidy" is clearly Bull.....!

What subsidy? No subsidy lah

Ganesh | Jun 13, 08 4:16pm
There is no such thing as subsidy for the oil that is produced in Malaysia. The term ‘subsidy’ has been royally used left, right and centre but no one is really sitting down and thinking hard and asking themselves, what is there to subsidise? Who is paying whom?

Just Compare our Fuel with others

Malaysia Fuel Prices is at USD3.80 per gallon whereas other oil producing countries prices are very much different...

See ....Saudi Arabia only USD0.91; Kuwait - USD0.78; Egypt only USD0.65; Nigeria-USD0.38 and Venezuela - USD0.12 !!!

Fuel price hike likely in August

Kuala Lumpur: Domestic Trade and Consumer Affairs Minister Datuk Shahrir Abdul Samad on Monday hinted that petrol and diesel prices may go up beginning August.
"It will happen...petrol prices will increase, I think the idea is in August this year when the subsidy system is re-structured," he said.....but it is 5 June 2008 (00.00hrs)!!!

Is Pakatan Rakyat solution for fuel prices 'simplistic' ?

The opposition's election pledge to use profits from state-owned oil firm Petronas to keep fuel prices low is a "simplistic solution", the Dewan Rakyat was told today.

Contributed by: Beh Lih Yi May 5, 08 11:46am