At last another cut in fuel price without waiting for Friday but the amount is still considered small compared with the quantum of drop in Global Crude oil Price since the last revision of the retail fuel price. If the Government had been very sensible when deciding to hike the price we would not 1)suffer huge spike in Inflationary rates, 2)continuously revising the prices 3)paying rebates on road tax, 4)increasing transportation charges, and 3)letting buses to add surcharges to the fares .
However, the amount is still high compared to my calculation as we are still paying premiums:
The last revision
Global Oil Price : USD104 per barrel
Retail Petrol Price : RM2.45 (reduction of 10sen)
Now
Global Oil Price : USD85 per barrel (14/10/2008; 7.00pm)
104 - 85 = 19 equivalent to 18.27% drop
Therefore, 2.45 - 18.27% = 2.45 - 0.45 = RM2.00.
The government cut only 15sen to RM2.30, thus we are still paying a premium of 30 sen to Petronas and indirectly taxed by the government cos' the profit made by Petronas will be paid as dividend/royalty to the government. The money will then falls into the hands of cronies via govt. contracts etc.
I don't care who will lead Malaysia, as long as they should be transparent and honest.
However, the amount is still high compared to my calculation as we are still paying premiums:
The last revision
Global Oil Price : USD104 per barrel
Retail Petrol Price : RM2.45 (reduction of 10sen)
Now
Global Oil Price : USD85 per barrel (14/10/2008; 7.00pm)
104 - 85 = 19 equivalent to 18.27% drop
Therefore, 2.45 - 18.27% = 2.45 - 0.45 = RM2.00.
The government cut only 15sen to RM2.30, thus we are still paying a premium of 30 sen to Petronas and indirectly taxed by the government cos' the profit made by Petronas will be paid as dividend/royalty to the government. The money will then falls into the hands of cronies via govt. contracts etc.
I don't care who will lead Malaysia, as long as they should be transparent and honest.
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