Global Crude Oil Price is nearing USD100/barrel, but when will Malaysian government revise our retail petrol and diesel prices?
We are paying a premium for our petrol and diesel, meaning that we are subsidizing Petronas to make a higher profit and in turn pay higher dividend to the government and then the government can spend on mega projects among their own cronies of contractors and suppliers.
I wrote several articles on this issue:
136-101=35; 25.74% drop; therefore RM3.00-25.74% = RM2.23/litre
(USD136/barrel; current price USD101/barrel; actual costs of petrol RM3/litre)
My calculation was based on the government's claim at the time when they increase the price of petrol to RM2.70/litre they gave a discount 30 sen off from the actual costs of the petrol (RM3.00/litre). And the price was increased when the global crude oil price was at USD136/barrel.
Therefore based on my simple & stupid calculation oil price should be at RM2.23 or RM1.93/litre after a 30 sen discount. Thus we are only 1 sen higher than before the hike in June. So all along actually we are not really subsidized instead we are paying higher premium.
So ask Pak Lah bila nak buat announcement to cut the price?
I wrote several articles on this issue:
- July 16 Petroleum profit
- July 24 Inflation rate 7.7%
- July 25 Petrol Price
- July 30 Oil Price Below USD121/barrel
- Aug 15 Oil Price Below USD113/barrel
- Aug 21 Retail Petrol Price
136-101=35; 25.74% drop; therefore RM3.00-25.74% = RM2.23/litre
(USD136/barrel; current price USD101/barrel; actual costs of petrol RM3/litre)
My calculation was based on the government's claim at the time when they increase the price of petrol to RM2.70/litre they gave a discount 30 sen off from the actual costs of the petrol (RM3.00/litre). And the price was increased when the global crude oil price was at USD136/barrel.
Therefore based on my simple & stupid calculation oil price should be at RM2.23 or RM1.93/litre after a 30 sen discount. Thus we are only 1 sen higher than before the hike in June. So all along actually we are not really subsidized instead we are paying higher premium.
So ask Pak Lah bila nak buat announcement to cut the price?
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