Mahathir said the 30 sen fuel increase could have been avoided if the ringgit was strengthened against the US dollars by fixing the local currency exchange rate.
Mahathir said the increase was inevitable as the ringgit was “tied almost rigidly” to the US currency, hence when the price of oil quoted in the greenback went up, so did the fuel price here.
“If Malaysian currency is strengthened, the increase in prices in US dollars will not cause such a big increase in oil price paid in the ringgit. Our money is undervalued. If our currency is strengthened, the price of oil here will not go up so high,” Mahathir told reporters after a dialogue session with University Malaya’s student council members at the Perdana Leadership Foundation Wednesday.
On Feb 28, the Government had announced an increase in the price of petrol to RM1.92 a litre and diesel to RM1.58. Crude oil prices had soared to over US$62.91 (RM232) a barrel recently.
Pak Lah, did you hear the wiseman's advice. If Mahathir is till the PM, no price increase and probably will decrease and there will be plenty for development projects and much more for the ministers.
Why is it that we had a wiseman who choose to retire????
Mahathir said the increase was inevitable as the ringgit was “tied almost rigidly” to the US currency, hence when the price of oil quoted in the greenback went up, so did the fuel price here.
“If Malaysian currency is strengthened, the increase in prices in US dollars will not cause such a big increase in oil price paid in the ringgit. Our money is undervalued. If our currency is strengthened, the price of oil here will not go up so high,” Mahathir told reporters after a dialogue session with University Malaya’s student council members at the Perdana Leadership Foundation Wednesday.
On Feb 28, the Government had announced an increase in the price of petrol to RM1.92 a litre and diesel to RM1.58. Crude oil prices had soared to over US$62.91 (RM232) a barrel recently.
Pak Lah, did you hear the wiseman's advice. If Mahathir is till the PM, no price increase and probably will decrease and there will be plenty for development projects and much more for the ministers.
Why is it that we had a wiseman who choose to retire????
1 comment:
You must be kidding. Mahathir needs to STFU. Doing what is popular is not doing what is right.
The currency peg needed to disappear a long time ago.
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