Tuesday, June 10, 2008
The Pseudo-secret of Fuel & Gas Subsidy
The records for 2007 shows that 41.5% of Malaysia's TOTAL SUBSIDY amounting to RM16.2bil went to the Independent Power Producers such as YTL Power (Paka & Pasir Gudang), Segari-Malakoff Bhd, Genting Sanyen, Powertek, Port Dickson Power Bhd, Projass, Teknologi Tenaga Perlis, Pahlawan Powers, Prai Power,Panglima Power, Kapar Energy ventures and various others - that means RM6.7bil was subsidized to IPPs out of the RM16.2b subsidy for petroleum product subsidy for 2007.
The subsidies for education is 9%, rice is 2.2%, Transportation is o.5% and social subsidies is 0.6%.
Amazing? The peoples money are used to subsidies private giant ultra-rich companies while the rakyat had now to pay the full cost of the fuel albeit with a so-called 30sens subsidy. The so-called 30sens subsidy per litre of petrol is largely attributed to the IPP subsidies. With such lucrative and lop-sided contracts given to the IPPs it is no wonder that the rakyat is fully screwed downside up and the irony is they are still blur blur and have yet to understand fully the deleterious coquetting of the race-based political leaders of the ruling party who are still using the ketuanan thing to screw-up their mindset and hopefully kept them stupid and calumnious.