It was only last week that the Domestic Trade and Consumer Affairs Minister Datuk Shahrir Samad said that the price of petrol would revert to the old price of RM1.92 a litre which motorists had enjoyed before the 41% hike in June if the world crude oil price continued to dip to below US$72 a barrel.
At the time (October 10), the crude oil price was around US$88 a barrel.
Over the weekend, the world oil prices closed at a new 14-month low beneath US$70 a barrel, bringing its price to less than half its July record high – dipping to as low as US$68.57 a barrel.
Why hasn’t the petrol pump price reverted back to RM1.92?
Will this be announced tomorrow when Deputy Prime Minister and Finance Minister, Datuk Seri Najib Razak release his economic stabilisation plan to prepare Malaysia to face the world’s worst economic crisis since the Great Depression of the 1930s?
At least the criticisms of the Opposition in Parliament in the past week that Najib should have presented a revised 2009 Budget before the start of a parliamentary budget debate are bearing some fruit.
But will Najib table the economic stabilisation plan in Parliament tomorrow in the form of a Ministerial statement or will Parliament suffer another act of contempt and disrespect by the Barisan Nasional Government?
Kit,
Just keep harping on lowering the petrol price issue until the rakyat get the benefit.
It should be Lower than RM 1.92 as the crude price is around $70USD
Inspite of a total 35 sen reduction in three stages…..essential prices did not go down at all.
When you give a huge increase of 78 sen increase…and start reducing …bit by bit….there is no benefits to consumers at all.
Yes…only with another big reduction…can prices of essentials go down.
UMNO will linger as long as possible..to enrich Petronas….the one place they can go and take our money…..to do things…benefiting them..and not Malaysians at all.
This is their common art of enriching themselves and party. UMNO is so used to apply….over and over again.
By not reducing prices ….means UMNO is desperate to have billions…..ill gotten money…not that country cannot afford to have much lower oil prices for all to enjoy.
Actually..it is quite sick to keep talking…while they keep ignoring.
Best is to vote them out…and be done with those sickening weird ..corrupted people.
we ought to get rid of the subsidize mentality, it is bad for the country, free market should be the way, from education to business and everything.
Before we remove the subsidy, we should put in place a good government that cares for the people, spur growth and promotes a good business environment, subsidy for everything should be removed gradually.
But with UMNO in power, it is best to have subsidy coz whatever money made by petronas would most probably end up in the cronies’ pocket.
Another example of Umno minister taking the people for a ride.
Prices of goods and services that have gone up indirectly because of the oil price increase will not come down even if the price of petrol has gone down to 1.92 a litre. But should the petrol price be raised again beyond 1.92 prices of goods and services will go up once again. It is more likely that the petrol price will have to be raised again if it is at 1.92 than at 2.30 now. Since the government is still subsiding petrol price, it should be better to reduce the subsidy by maintaining the current price until world oil price stabilize.
The government might have made a mistake in making a hefty increase in the petrol price. It should not be making another mistake by reducing it now while retaining the huge subsidy. It should be the government’s long term policy to encourage use of alternate transport arrangements to private vehicles.
Normally if a country is a net exporter of petroleum, the consumer prices will fall in tandem with the world crude.
The only country in the world this principle does not apply is Malaysia.
That is why we are Malaysia BOLEH!!!
BOLEH TIPU RAAYAT.
come on lah ..umno have never on any kind of platform to take care of rakyats’ welfare … unless there are some form of ‘benefits’ to their own pockets.
we, rakyat will weathered through these kind of umno plots with God’s blessing.
only pity to their own kind that were taken a big ride for the last 51 years and still going.
funny thing, they still praised their leaders and treat them better than their Tuhan ….
in Malaysia .. macam macam boleh lah.
Personally, this subsidy mentality has to stop or at least slowly phased out as it impedes the need to improve productivity to retain competitiveness. But having said that, like a comment that i read earlier, it is better to compel the govt to give this subsidy as it is non racial and it goes right into my pocket as against giving it to their cronies.
I am sceptical about Njis’ ability. What he is going to release tomorrow are ideas from the experts which may or may not work. As he is going to be flooded with lots of ideas, it is important that he has the acumen in choosing the correct formula. History shows that he has none.
When petrol price skyrocketed 41% to RM2.70 a litre in June, it was a very drastic and sharp increase which resulted in the similar rise in the prices of other goods, commodities and related services. The poor rakyat were the ones to suffer the most. Now since the price of world crude oil has slumped to below RM70 a barrel ( and maybe even lower in the days ahead), it is only decent and proper for the government to revert it back to RM1.92 a litre or even lower and not gradually which will not have much effect on the economic situation. The Malaysian population expects DPM and Finance Minister to give us some good news when he appears in Parliament tomorrow. Give us a pre-Deepavali bonus!
Sorry, there’s a correction. It is US$70 a barrel and NOT RM70 a barrel as stated. It is the printer’s devil! Thank you.
China go forward but
Malaysia go backward.
CHINA will build a further 150,000 km of oil and gas pipelines in the next 12 years, the official Xinhua news agency said on Sunday, as the energy-hungry nation looks to guarantee supplies
China has already built pipelines to bring gas from its far western region of Xinjiang to its booming coast, and is also considering a crude oil and gas pipeline from Russia.
‘In the next 12 years, China will build another 150,000 km of pipelines,’ Xinhua said in a brief report, without giving further details.
http://malaysia-update.blogspot.com/
Motorists have to get used to the generally high petrol price by now and adapt and manage accordingly their daily financial requirements.
The current lower price of crude is just a temporary reprieve in the face of the US & EU financial crisis who resulted in lowering of demand and poor sentiments. But soon the price will surge back with vengence.
Low price of petrol & diesel will not help in the conservation of natural resources of oil & gas.
So we do not see the urgency in adjusting the price of petrol & diesel on a daily basis.
Leaders have been over-engrossed in the prices of petrol & diesel and forgot about the lowering the price of petroleum gas which more widely used by domestic users and hawkers.
Why no lowering of the gas price whilst the petrol and diesel have been lowered twice in the recent past?!
No politicians had taken up this? Why petrol & diesel only?
In any case the petrol and diesel had been lowered couple of times, but the prices of daily used & consumed goods were never lowered, instead have gone up further.
Prices of many goods and services including food sold by hawkers and coffee shops do not reflect the reduction of the petrol pump price.It is unscrupulous to maintain the high prices after the price of petrol has been reduced.Probably the consumer associations can help to bring the prices down by educating the public to boycott the greedy profiteers.
UMNO just cant find a way to profit themselves instead taking money from rakyat. These show how incapable their management. Look at our malaysia 10 riches man
1. Robert Kuok
2. Ananda Krishnan
3. Lee Shin Cheng
4. Teh Hong Piow
5. Lee Kim Hua
6. Quek Leng Chan
7. Yeoh Tiong Lay
8. Syed Mokhtar Al Bukhary
9. Vincent Tan
10. Tiong Hiew King
Sad to say most all of them is chinese…..what happen to malays..???
I think politics make them the most 10 miskin in malaysia….
10 million ringgit, it is enough for me for the rest of my life and more enough for my grand childrens if I am going to get marry…….
Why……???? Time for malaysia to change……it will go worst……I am malaysian……..I have live my whole life here in malaysia. So does malays??????? Time to change………..the question is how????????
Asking the private sector to cut prices for national service ? What about Tenaga’s 20 pct increase in electricity tariffs now that coal prices have also come down in tandem with oil prices ? What about the transport ministry’s earlier approval for express buses to increase fares ?
After all the horse have bolted, the impotent government is now trying to close the barn door.
Stupid decision to raise petrol price by 78cents as prices of goods will only go up & never come down. High prices = high inflation = bank negara increase interest rates = we will suffer even more !!!! BODOH BETUL !!!!!!
LKS,
You have simploy forgotten or `choose’ to forget that the government is already giving additional fuel subsidies through the cash rebate which comes to about 30 cents per liter. So technically speaking, the price of petrol now is already close to RM1.92 per liter.
In my view, we have to slowly phase out fuel subsidies. It breeds inefficiency in our country and awards subsidies to people who do not deserve it in the first place (i.e. the well-to-do). In this respect, I hail AAB’s decision to have a more market-driven fuel prices, albeit the first hike was too drastic in my view. Nevertheless, the principle behind it is sound and many economists have come to support such a move.
To those (a.k.a. Monsterball) who think that PETRONAS gains more money from higher pump fuel prices – you are absolutely wrong. Go and do some research again to understand the fuel pricing mechanism before making such absurd statements.
Just keep dreaming,they will keep to their words.i believe even if goes down to 60.00,they will have an excuse for not to.
but for all of us who are not happy,pleas keep to your promise for the 13th GE.
Uncle Lim, the idiotic UMNO goons have spoilt the economy.
When they raised the oil price steeply, the price of everything else has gone up. And now, they wanna bring the oil price down and expect the price of everything else to go down?? HAH!! Dream ON! It won’t happen. Only stupid fools would believe that such thing will happen.
Our country is being ruled by a bunch of fools, idiots and orang utans. I hope that when PR come into power, the same mistake won’t be made.
umno are super-rich conmen.
the only reason wht they don’t want to put their names up there because they are afraid that they Malays will not support umno anymore.
they are billionaires by the nature of crooks and lies.
When? My answer is when the RAKYAT kicks the BN out of the power corridor!!! Then we will determine the oil price ourselves.
Let me said something…if PR come into power, there will still problems and try look at it right now……yes there is some improvement but when power, money and greed come to play……sorry to say….I am not totally into it…..unless PR and Lim Kit Siang can control the whole bunch of monkeys…..which I am not so confidence………malaysian have to really work together……..
On topic of OIL PRICE :
UMNO/BN Government No Action Talk Only (NATO) = CAKAP TAK SERUPA BIKIN = PENIPU!!!!!
MUST (WAJIB) Vote them out forever.
Yeah, they would say “we havent ‘review’ the price yet”, while there wasn’t any subsidies at all from beginning
Why? the price of sardine will go down from 5.50 to 4.85 is it?
on top of that, remember that our currency was 3.1 against US dollar, now it is 3.5 against US dollar, therefore petrol price per barrel has to be lower than 70 dollar per barrel for the gov to lower it to 1.92 per litter.
If we can spend billions of our RM on eurocopters and whatever copters… why did we not spend the money instead on alternative fuels? This way we can combat the rising cost of oil, dependency on other countries, and in fact generate for our own domestic consumption, reducing imports, and overall costs…!
fundenmentally and technically crude oil will deep down further.
world recession will slow down America and euro area consumption,Asian countries like China,india,indochina, south east asia will be another engine to growth to push up oil consumption.
technical chart have shown crude oil will trend down further in coming weeks or months to come.maybe below 60USD per barrel.
Kerajaan Rakyat for your later info,china government just signing a new contract with Iraqi new government for almost 70% of the oil exploration in iraq will given to china government in technical area and venture capital, all income from oil will be given back to iraqi government in return china government will being pay for the services,these is the long time strategy that china government to secure the hungery china for ernegy.
Mark Foo, there are at least 3 more Malay names in the 10 richeset men in Malaysia. The following are some of the reasons their names are not in your list:
1. They don’t pay taxes
2. Their monies are stolen money from rakyat
3. Most of the stolen monies from these super rich UMO crooks are now in their foreign accounts
Do you guys know how rich are crooks like Dam, Muhidin and many others?
Mendela,yes agree with u tun daim runing his own bank in africa.
BeEnd cash cow backfired ! It’s punishment time. Payback time. One hand earning less , the other hand selling less … double blow.
That’s the punishment for being a leech !
The reason why the petrol price will not be reduced much further is that the government’s budget is already affected by the steep fall in the oil price and hence Petronas’ income going to fall.
Palm oil has also fallen drastically and that means company taxes are going to be reduced.
Then don’t forget that Maybank deal in Indonesia – already the Maybank price is being propped up by Khazanah but the bank will also have reduced profits.
The government is making a real mess with petrol pricing – they should have not panicked in June with that 41% hike and the subsidy roll-out. If they had increased by only 20sen in June we would not have such an inflationary effect.
Many prices of small business are quite inelastic – when they go up it is hard to return to the original.
Also why is it taking so long for the 30% bus surcharge to be reviewed?
To side track, in Malaysia, transition period is a free for all abusing period!
Right b4 Najis swapped the Defence Ministry with Bodowi, the Eurocoper deal was signed.
B4 the Selangor Government is changed to PR, most of its documents were distroyed or removed. Many lopsided deals were signed by former Selangor Gomen too b4 it was kicked out.
Current regime and crooks will have till March or this December to ransack Malaysia. Fourth floor kids are having great fun now, they have ample time to suck Malaysia dry and clean.
When you look at the cost of living in Malaysia. I am surprise the poor malays still can survive at RM 600.00 per month (not yet minus the EPF). Some even wanted to have more babies. Gosh……….
Not mention the LCDs, Cars, Computers, etc……….I just look at them………..they even like to work in a shit place…..why??????
no choice……????
Petrol rising is another way to upgrade and boost those income but these required to take couple of stages..maybe years……
Somehow malaysian cant go further……to risky…..furthermore the goverment should not increased 70 sen. Too fast and to much ..infact too stupid…..ended everyone have to save money……..
Got to find way to upgrade their standard of living. The goverment is punishing them………
Having the list of 10 richest men is not really relevant.
What is more important is your velocity of money or how much money passes through your hands.
For example: if you earn RM20k a month and given credit facilities that allow you to spend RM22k you are broke but your lifestyle is much more enjoyable than someone who earns RM5k and spends only RM4k and saves RM1k each month.
In a way the NEP failed as those allocated shares took their profits and spent it and now ask for more!
One of the biggest failure of NEP is they only churn out unemployable graduates; they don’t even possess the ‘basic industrial knowledge’ of the course they learn. This is due to the lowering of the entrance qualification just for the sake of taking in those unqualified people. Incompetent teaching staffs produced by such system is another contributing factors; blind lead the blind!
While everyone is concerned with fuel price reduction, what about fuel saving with improved public transport system, smoother traffic flow, etc.? How much fuel had been wasted with the 60km traffic jam from Pedas to Sg. Besi during last Hari Raya? Is the transport minister doing something to prevent recurrence of such jam next year? The whole public service are deeply rooted with the ‘tidak apa & apa bolih buat’ attitude; their solution is ‘let nature takes its course’. Sad!
if umno knows how to govern,my c#ck knows how to print money!
thy go as far to taiwan recently for “lawatan sambil belajar memanam”,whereas they refused to learn from our tiny red dot neighbour that doesnt have to depend on agricultures and yet performing much better than us in every fields,sad to say,even in football field!
The main problem with the BN administration is they have set the country’s priority wrong. For BN, it is the utmost priority to benefit and enrich the one in power be the Ministers and their cronies. I believe every decisions made have to take into account the benefit and enrichment to be reaped by them rather for the rakyat. The rakyat come second.
It makes no different whether the price of oil is at USD200.00 or USD20 per barrel. The underline score and the only question in the BN administration is “How much can I be benefited when I made such and such decision?” This is the sorry state of this Nation.
When we have such people as leaders in this Nation, nothing much can be expected from them.
A liar always a LIAR.
If petrol price goes down, then where to get the money to fund the Malaysian moon mission. In 15 years, a malaysian “astronaut” will land on the moon. The Russians and Chinese cannot accomplish this, and we are going to be the second greatest space power after the USA.
http://www.space.com/missionlaunches/ap_050829_malaysia_moon.html
Currently, Regular RON92 is sold at USD2.19 at Shell Gas Station, Del City, Oklahoma.
Once again,
1 US Gallon = 3.785 litres
USD2.19/3.785 = USD0.578 per litre (pump price)
Forex Rate @ RM3.50 to a USD
USD0.578 X RM3.50 = RM2.025 per litre (pump price)?
Unsubsidized, free market price of Regular RON92 is at RM2.025 per litre AGAINST SUBSIDIZED REgular RON92 sold in Bolehland at RM2.2o!!
Shell Station, Oklahoma USA = RM2.025 .. Unsubsidized, taxed, importer
All Station, Malaysia = RM2.20 .. Subsidized, non-taxed, exporter
Sungguh Pelik!
I get it where Sdr. Lim is coming from here AND the critcism is deserving of course but seriously, is there any chance of this happening? No way!!
They can’t actually drop interest rate because US rates are actually rising already. So the only way to pump prime is to let the RM fall so there is no way this can actually happen…
when crude oil drop it will definately drag down ringgit seen our GDP allmost 46% from oil income.
it will derimental for our country growth forcast when crude oil drop in price.
Hope najib have a good plan for today anouncement.
our foreign reserve drop from 120B usd to 110B usd now.
hope najib have a good plan then.
the volatility in the stocks is too much now. KLCI now below 900 at 890
Our caring local consumer and trade minister said; No lah, petrol station with suffer losses lor and need time for the adjustment. But what about the rakyat has been penalised by paying hih prices.
What a twisted post listing the 10 richest men in Malaysia by Mark Foo.
Ever thought that maybe,..they got there on their own initiative(healthy or unhealthy)? because..*coff* we’re chinese *coff*
What happened to the malays? Their own accord.
Classic case would be the selling of FELDA land that they were given because they didn’t want to develop it/*coff*was too damn lazy*coff*.
The highest price for Crude Oil was above USD$140.00/barrel. for every USD$10.00/barrel drop in price, Malaysian Government reduces RM0.15/litre. Simple calculation is…it has drop more than USD$70.00/barrel, meaning for every drop of USD$10.00/barrel multiply by 7 (USD$70.00/barrel from USD$140.00/barrel) = RM1.05 Therefor our petrol should be sold at RM1.65/litre!!! (RM2.70 – RM1.05)
I wonder during Mad Hathir’s time was RM1.92/litre & per barrel is around <USD$30.00/barrel, then I doubt there’s any subsidies. Must be making TONS of $$$
What about all the petrol station owners? They will go bankrupt if the Government never look into their problem each time the petrol reduces.
I can bet that BN will say the same old stale answers…….compare to other countries, we are still the lowest. BN think we are stupid or what. How to compare? Based on what? if compare with per capital income……we are the lowest!
What about those companies that increases their price? When will they reduce it? Well, what goes up, never comes down!
When petrol price rose up 41% at one go
The people reacted happily definitely no
The price went down bit by bit and lo
Back to RM1.92 when will it be so?
In our dream
Hopefully our dream comes true
The UMNO ppl are ‘great’ economists. They are last in their class. They were coached before exams when in unis(MaraWhatWhat). They are good in making threats and brandishing crooked knives. But when it comes to brains and making intelligent decisions, they are always last, bottom last. HIDUP UMNO!
Sorry for the nasty remark moderator!!
When price of petrol went up, it was 78 sen and its effect immediate. Now for petrol to go down, it took our EFFICIENT PM months to lower the price and it was done in “instalments”. We can only take it that these “blood suckers” still think they have not had enough of “blood” from the people.
And what is to happen to the price of commodities which had been increase due to the petrol hike? Do you reckon they will go down when petrol prices decrease?
Don’t forget, Msia had one of the highest car prices in the world, in fact it is the highest, if you discard small land area territories / countries (less than 1500 km2)
Msia also impose highway tol, etc
OPEC will cut crude oil production to push up oil price.
Malaysia GDP depand very much on Petronas income. Lower in crude price means lower GDP. The Malaysian 2009 deficit budget should bring the nation to borrow should the GDP is lower than 3.5%. Cut all unnecessary expenditure rather than bring back the Number Forecast Special draw to generate more sin tax. Pak Lah your sincere effort to scrap the Special draw had been revive to further suck the rakyat. YB please try to question the reason for this revival of Number Forecast SPECIAL DRAW which shall start today 21/10/2008. The PAS MP so take this seriously.
The reason petrol/diesel price cannot be reduced as fast as it was increased is that PETRONAS need the money to advertise in the media to show that they are “excellent” corporate citizen when carrying out their corporate social responsibility. Every year we see the PETRONAS drama during Deepavali & other festive. In reality they are just opposite. Why not advertise statistics on how many Indians are engaged by Petronas, stations franchised to Indians, scholarship for needy Indians, many how Indian children orphan homes being sponsored
Well I use to be a loyal Petronas station visitors. For the past 3 months I have not stepped into any of this “wayang kulit” corporation facilities. Petronas also must advertise the perks enjoyed by their staff for their ” hardwork” in ensuring Malaysians “enjoy” the cheapest fuel rate for an oil producing nation in this region.