Petrol price down by 10 Sen tomorrow

Petrol prices: Another 10 sen cut to RM1.90

News from Malaysiakini.com

The government has cut petrol prices by another 5 percent, bringing pump prices down by 10 sen per litre as global crude prices continued to ease.

The pump price of RON97 petrol will now be RM1.90 a litre - down from RM2 - while both RON92 petrol and diesel will be RM1.80 effective midnight.

Crude oil price is now hovering at US$49.00


Source: www.malaysiakini.com

Note: Steel bar price is now RM1,900 per ton. It went up as high as RM4,300 per ton two months ago. Cement price and steel related products are expected to be lowered in view of the global recession and the weak market sentiments. Many property developers are observed to have postponed the launching of the various housing schemes and the concerns by purchasers having difficulties to obtain bank loans.

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Crude Oil Price down to US$90

On July 3, 2008, crude oil price shot up to US$145.85.

On May 21, 2008 it was traded at US$130.28.

On March 2008 it was traded at US$109.85.

On Jan 7, 2008 it was traded at US$97.91. On Jan 2008, motorist pays RM1.92 per litre for petrol.


Now, October 6, 2008 the crude oil price is US$90.41.

That means the price of crude oil has dropped by 38.01% since July 3.

On June 5, 2008, the government increase the price of petrol from RM1.92 to RM2.70 per litre. That's 40.63% increase.

Now the price of petrol has been reduced to RM2.45 (since September 25, 2008) - the increase is reduced to only 27.60%.

But the crude oil has dropped 38%. In simple arithmetic, the price of petrol should be reduced by 73sen (from RM2.70), i.e. it should be RM1.97 per litre. Could the government please adjust it accordingly?

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Pak Lah: 10sens less to celebrate Raya

Good News!

The government has cut petrol and diesel prices by 10 sen each to RM2.45 and RM2.40 per litre effective from tomorrow.

The prime minister said the recent fall in world oil prices plus the weakening of the ringgit gave the government a window of opportunity to lower local pump prices.

With Hari Raya imminent, Pak Lah hoped the reduction would help to lighten the burden of Muslims who spend more during the festive season.

Domestic Trade and Consumer Affairs Minister Shahrir Abdul Samad said the reduction of prices was made ahead of the Hari Raya celebrations next week.


Source: Malaysiakini.com


Though the government had initially planned to only adjust fuel prices at the beginning of each month, the cabinet of Pak Lah and Shahrir decided to reduce it a week earlier this month so that the Muslims would have something to celebrate.

With this great news, the Muslims should now have a much happier and merrier Hari Raya.

Selamat Hari Raya Aidilfitri!

NOTE:

The inflation rate has jumped to a 27-year high of 8.5 percent in August, driven by the escalating cost of food and fuel, according to official data released today.

After releasing August's Consumer Price Index (CPI), Domestic Trade and Consumer Affairs Minister Shahrir Samad said he does not expect September's inflation to be much lower.

"Although, the full effects of the petrol price reductions in August and now have not been fully factored in yet, September CPI may not be much lower.

"The lower petrol prices is expected to be offset by the increase spending during Hari Raya holidays and the 30 percent surcharge on public transportation," said Shahrir.

But the minister does expect the CPI to have peaked.

On a positive note, Shahrir said that inflation seems to have stabilised.

Source: Malaysiakini


So, let's be positive. Inflation has stabilized at 8%!!!

Apart from Rempits, young girls now also fear Police rapists

A girl was on a motorcycle with her boyfriend at 5am when the policeman, who was on patrol, stopped them. As the boyfriend did not have a licence, the policeman and his colleague hauled the couple to the police station for questioning.

The boyfriend and the girl were questioned in different rooms.

During questioning, the girl was forced to undress and the policeman threatened to throw her boyfriend in jail for 20 years if she refused to obey him.

Fearing for her boyfriend’s safety, the girl agreed to perform oral sex on for the policeman before being raped.

After half an hour, the two were released but the girl did not reveal the incident to her boyfriend or family members.

The policeman, who is married with a child, has been detained and remanded. He has been suspended pending investigation.

Source: TheStar: Cop arrested over alleged rape of 17yr-old


Dear Malaysian boys and girls,

Although the price of petrol has gone up by 40% and it is imperative that we have to "Ubah Gaya Hidup", however, please don't go out at night in a motorbike. Apart from the Mat Rempits, robbers, snatch thieves and gangsters, we now have another fear - the policeman too. They may arrest you for some reasons; they even have power to arrest you based on suspicion or suspicious circumstances.

So, it is better to stay at home, watch TV or go to friends house, but not on the street, parks or highways. Ubah Gaya Hidup is tough for everyone, but we have to live with it as the government could not continue to subsidize the fuel price because Petronas did not make as much money as they wanted to, though the price of fuel is US$140, as they have already sign agreement with 6 Option Holders who we are told have 20-30 years contract to buy the crude oil at a price that may had been fixed 5 years ago. (refer: Who are the six 'option holders' of Petronas?)

Agama bukan mengkhayalkan orang miskin

Excerpt of Dr. Mohd. Asri Zainul Abidin article at Utusan Malaysia

Pembaziran

Saya tidak mahu membicarakan tentang kenaikan harga minyak dari sudut perjalanan ekonomi antarabangsa. Telah banyak pakar-pakarnya bicarakan. Tapi saya ingin bincangkan tentang soal pembaziran dan jimat-cermat. Ya, memang Islam memusuhi pembaziran. Bahkan al-Quran tidak pernah mempersaudarakan antara mana-mana pembuat dosa dengan syaitan, melainkan mereka yang membazirkan.

Soalannya, mengapakah apabila kita membicarakan tentang pembaziran, kita hanya terbayang orang-orang bawahan di kampung ataupun bandar. Jika kita ingin meminta supaya setiap warga negara ini berjimat dan jangan membazir, maka bermulalah daripada atas. Bukan sekadar untuk mengenakan si miskin yang sekian lama telah berjimat dan sudah tidak tahu apa yang hendak dijimatkan lagi.

Mengapa kita hanya terbayang rakyat yang berada dalam rumah persendirian dan berbelanja dengan wang poketnya yang sudah lelah? Kita sepatutnya terlebih meneliti semula bagaimana perbelanjaan yang menggunakan harta negara dan rakyat yang sedang berjalan di istana-istana, kediaman-kediaman rasmi kerajaan di peringkat negara dan negeri?

Apakah wajar di kala ini keraian untuk orang-orang besar sama ada atau menteri begitu mewah? Makanan yang dihidangkan untuk mereka, harga satu meja kadang-kala boleh dimakan oleh ratusan rakyat bawahan. Karpet yang dipijak oleh mereka harganya ribuan bungkusan nasi yang dimakan oleh ‘orang biasa’.

Apakah patut orang-orang besar ini diraikan dengan hiburan atau pertunjukan dan konsert yang menelan puluhan ribu ringgit sempena sesuatu kunjungan mereka?

Wang itu, wang negara. Wang itu, wang rakyat. Apakah dalam masa yang sebegini mereka masih mendapat peruntukan untuk bersantai, bermain golf dan ‘berhiburan’ dengan menggunakan wang rakyat bawahan yang disuruh menjimatkan nasi lemak dan air kopi mereka?

Pembaziran sebegini lebih rapat menjadi saudara syaitan dibanding wang persendirian yang dibelanjakan. Meminjam falsafah al-Imam al-Nawawi yang saya sebutkan tadi, jika orang atasan telah benar-benar berjimat, maka wajarlah untuk dikurangkan subsidi rakyat. Al-Nawawi telah dibuang negeri kerana enggan bersekongkol dengan perkara yang seperti ini.

Namun, jika itu tidak dilakukan, ulama bukan burung kakak tua. Saya mengambil risiko menulis hal ini. Tanggungjawab di hadapan Allah lebih besar daripada segala-galanya. Para ulama dahulu jauh lebih mulia, tidak dibandingkan kedaifan saya ini. Pun mereka telah menunaikan tanggungjawab al-Amr bil Ma‘ruf dan al-An- Nahy ‘an al-Munkar ini. Semoga Allah menimbang tinta para ulama dengan darah para syuhada.

Maka alangkah buruknya seorang presiden, atau perdana menteri, atau menteri besar, atau menteri yang makan dengan mewah daripada peruntukan harta negara atau negeri sedangkan rakyatnya dalam kesusahan. Ketika rakyat membilang butiran beras, helaian ringgit untuk persekolahan anak, keperitan membayar sewa rumah, api dan air, sementara mereka yang berkuasa ini pula menghadiri jamuan negara dan negeri itu dan ini. Bermewahan dengan pertunjukan dan hiburan dari peruntukan wang negara. Kemudian bercuti rehat, tanpa rakyat ketahui apakah kepenatannya untuk rakyat. Kos cuti itu pula ditanggung oleh negara tanpa sebarang pulangan keuntungan buat rakyat. Alangkah zalim! Alangkah keji sikap yang sedemikian rupa. Saya kadang-kala begitu hairan apabila seseorang dianggap ‘berjiwa rakyat’, hanya kerana makan nasi yang dijamu oleh rakyat, atau masuk ke kampung mendukung anak rakyat untuk beberapa minit bagi membolehkan wartawan mengambil foto. Apakah itu dinamakan berjiwa rakyat? Jika hendak diiktiraf sebagai berjiwa rakyat, rasailah apa yang rakyat rasai.

Dalam usaha kerajaan menangani kemelut ekonomi hari ini, perkara-perkara yang disebutkan ini mestilah dipandang serius. Kejayaan sesebuah kerajaan menghayati penderitaan rakyat akan menjadikan mereka lebih disayangi dan disokong.

Jika orang atas mengubah cara hidup, kita akan berkempen untuk semua agar mengubah cara hidup. Jika orang agama disuruh berkempen orang bawahan agar mengubah cara hidup, sementara melupai yang di atas, mereka sebenarnya cuba menjadikan agama sebagai candu agar seseorang melupai masalah yang sebenar.

Dr. Mohd. Asri Zainul Abidin
Mufti Kerajaan Negeri Perlis.
E-mel: moasriza@yahoo.com
Layari http://drmaza.com/

Read the entire article by Dr Mohd Asri here at: Utusan Malaysia Online

Fuel price capped? Inconsistency!

"We are still analysing this as the rise in world prices of oil is too quick (over the last few days)," said Abdullah.

Oil prices posted its biggest single-day hike last Friday when it rose nearly US$11 hitting a new record of US$138 a barrel in New York.

"When we did our assessment, the price of petrol was RM3. It is RM3.45 now.

"When it was RM3, we gave a 30-sen subsidy. But that has been wiped out now with a 45-sen increase. So there are many issues we have to consider.

"As such, I won't give any undertaking not to increase petrol prices," said Abdullah.

Remember that statement? Read it here

Today, we read this: "No more hikes for this year," says Abdullah. There will be no further increase to the price of fuel in the country this year. This is despite the possibility of the global price of oil reaching US$200 per barrel. Prime Minister Abdullah said to stem any more increase, the government would have to think of alternative ways to finance its spending.(Read it here

What alternative ways available? Ya, the government might consider scrapping corruption and look at ways to legalize it without doing it illegally.

We have legalized civil servants' moonlighting and working in the night; we had legalized horse racing and bettings, we had legalized casinos, sports toto, 4-Ds; well, just add one more to it.

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.

Hassan Merican: Remove all fuel subsidies

Petronas president and CEO Hassan Merican said all subsidies must be removed because it is the cause of excessive consumption and it distort the efficient markets.

Hassan Merican said that while the industry was trying to step up production, Asia must become more energy-efficient.

"While this is being pursued, nations must also work towards a gradual removal of generous energy subsidies, which cause unmitigated consumption and market distortions that are unmanageable in the long run," he said.

"Saving energy is no longer about achieving cost savings - it is a matter of survival and providing for the future generation," Hassan told the annual Asia Oil and Gas Conference.

Source: Petronas wants oil subsidies fully removed

I learn one thing today; fuel subsidies were the cause of excessive consumption and energy inefficiencies.

Based on the factor cited by Hassan, it must be taken to mean that development projects should then be stopped to save energy and car production and sales should also be stopped to reduce consumption. Proton and Perodua should assist in this effort.

Petronas bankrupt by 2018, says Hassan Marican

Petronas president and chief executive officer Tan Sri Hassan Marican said Petronas will go bust within 10 years if all its profits are handed to the Government to continue subsidising fuel.

He warned that many national petroleum companies in the world have ceased to exist or were in financial trouble today because all their profits were taken away from them.

Hassan said that in the oil business it was important to reinvest profits in search of new technologies, reserves and continued revenue. Petronas has so far reinvested RM178.9bil of its profits.

“Petronas has played a major role by giving back a substantial amount of its profits to the Government,” he added.

At the close of its financial year in March last year, the national petroleum company had given the Government RM52.3bil in taxes, royalties and dividends which worked out to be 32% of the Federal Government’s revenue.

“Since the formation of Petronas in 1974 to last year, the company gave the Government RM335.7bil out of a total profit of RM570bil,” Hassan said.

Commenting on the fuel price increase, the Petronas boss said the corporation did not make a sen from the increase.

“All the oil companies get full market price for the petrol and diesel that they sell and the Government pay them the difference from the fixed price. This is where the subsidy comes into play,” he added.

Hassan said Exxon Mobil made about US$40bil (RM130.31bil) last year, an increase of only US$1bil (RM3.26bil) from 2006, in an environment of higher crude oil prices.

“That is the world’s biggest, most efficient and most well-run oil company. Margins have eroded,” he said.

Hassan said Petronas was now “ scraping the bottom of the barrel” as far as finding and extracting oil was concerned.

Asked about criticisms that Petronas' accounts and profits were not transparent, Hassan said the corporation published a very detailed annual report which was deposited in the Parliament library.

“For all intents and purposes, Petronas is a public-listed company because we are rated by agencies like Standard and Poors, and Moody. We do not hide anything,” he added.

Source: Petronas could go bust by 2018

Will Petronas go bust by 2018? You bet! By then equality will prevail; everyone will be poor and destitute.

Meanwhile, the effects of the increase in fuel price and electricity tariffs have started to kick in.

Just a day after the announcement of the increases, the following developments have taken place:

> Bus and lorry companies announced that they are increasing charges or will be forced to stop services;

> The Federation of Malaysian Manufacturers said its members will pass on any increase in costs to consumers;

> Hawkers and other food operators will wait and see before raising prices; and

Lorry transportation charges have increased between 40% and 60% effective yesterday. Johor Lorry Operators Association president Leow Hock Tiap said the new rates complied with the Road Transport Act 1987 allowing lorry operators to charge a maximum of 15 sen for every kilometre.

Stage and express buses may stop running in the last week of every month if operators do not receive more subsidised diesel supply under the fleet card system. Pan Malaysian Bus Operators Association president Datuk Ashfar Ali said although the system entitled them to diesel at RM1.43 a litre, supply was not enough.

“The amount we get is enough for about 70% of our operations. Unless we get at least 30% more, we are in trouble,” he told The Star.

Ashfar said operators used to absorb the price difference when the pump price was RM1.58 a litre but could not manage now that the price was increased to RM2.58 yesterday.

“My members are saying that when they run out of the diesel quota, they will stop operating until they receive the quota for the following month,” he said.


Save Energy Ma's Way

In Taiwan, President Ma Ying-jeou uses stairs instead of the life and addresses conferences in short sleeve shirts.

Chauffeur-driven ministers ride compact sedans to work, while rank-and-file officials pedal bicycles.

Taiwan's Ministry of Defence vowed to cut down on warplanes and training cruises and promised to cut oil consumption.

This is Ma's sweeping energy and cost saving drive to deal with soaring fuel, food and inflationary pressures.

(Source: NST, page 30, World, Friday June 6, 2008)

Mulling space capsule buy

Meanwhile, Malaysia is working hard to find the monies to purchase the Soyuz capsule which would likely cost $65mil for the shell and probably another $60mil for refurbishments so that it can be placed in a location that will attract tourists.

With the savings from the reducing of subsidies it should no more be a problem to allocate the funds for the capsule and also to pay for the next mission for our next space participants for a trip to ISS. The mission to the Mars is still under design stage at the ministry.

As to the rising cost of living, the govt advice the people to cut their cost of living. The programme "Ubah Gaya Hidup" will be launched soon by the various ministries and probably the govt had to allocate a few hundred millions to fund the programme.

The ministers are very excited of the programme and many of them have started lobbying for a stake in the initiatives.

At the same time, Home Minister Syed Hamid Albar said the government is concern and wish to advise all the people not to participate in any kind of demonstrations which would affect the peace of the people and cause disturbances to the silent majority of the public at large. Such acts would also adversely affect the economy and cause traffic problems. Yesterday's demonstration by DAP had caused the KLCI to drop 30 points which translates to a loss of some $3b market value.

DAMAI, the group that had called themselves the "Silent Majority" may be asked to show their patriotism again.

Lee Chong Meng is now busy preparing for DAMAI's next assignment.

Petrol price up: Reformasi also Up?

I was wrong; my informer told me it would only be 40sens rise.

It will be 78 sens; 40% increase in the price of petrol and RM1.00 increase for the price of diesel which will now cost RM2.58.

Any way, we Malaysians have a consolation; Prime Minister Abdullah says we are still the cheapest in Asia.

I met Mrs. Ah Soh just now and she told me the price of rice which costs her RM22.50 per 5kg will now cost RM45.00 per 5kg which is a 100% increase.

It is observed that essential food will/have increase 100%.

I asked Ah Beng, the supervisor of a massage parlour, how about the business cost and pricing for a massage and he told me that he expected the price to increase by about 30-40% in tandem with the rise of fuel cost. "But, massage don't use petrol or diesel," I quipped. Ah Beng: "You also stupid! The massager comes to work by car or taxi and their cost to work has increase and soon they will be asking for a pay rise or else they will mogok." I see!

Another consolation is that my Ah Loong friend just told me that he is going to reduce the borrowing rates from 10% to 8% as a social responsibility to assist the people and bumis will get extra 1% discount.

What will be the repercussions? Transportation cost & school buses - what will be the increase?

What about the chain effect on all other businesses and what is the total impact on the people?

Will this be a trigger of calamities? I darn dare to think about it.

Ubah Gaya Hidup

Brace yourself and change your lifestyle!

Petrol price will be increased by 40 sens a litre.

You will now have to pay RM2.32 per litre.

The government would devise a new initiative to promote the use of bicycle to help the people to reduce their cost of living and improve the environment. Various ministries are lobbying for this initiative as it will be allocated at least a billion ringgit for promotion and advertisement costs.

Ubah Gaya Hidup, Najib and Pak Lah repeatedly said.

If price of petrol goes up, don't use petrol vehicle; use bicycle.
If price of rice goes up, don't eat rice; eat bread.
If price of flour goes up, don't eat bread; eat biscuit.
If price of everything goes up, don't eat; fasting is good for your spiritual health.

Do not worry as the government is finding ways to improve your standard of living.

The govt will be studying ways of improvement to deal with high costs of living. Harvard university lecturers will be engaged to conduct this study. The study would then be presented for the cabinet's approval and implementation. This research will make suggestions and give appropriate advice as to how the citizens deals with inflation and high costs of living. The govt will also be conducting seminars and forums to teach you all the good ways of managing your lifestyle. The price for the seminars is RM1,000 per person and every citizens are qualified to attend. It is noted that you need to attend at least 10 seminars in order to be beneficial and effective. Thereafter, if it is still ineffective, you are advice to attend another 10 more seminars and possibly some workshops. Participants will be given certificates of attendance as a form of recognition.

Meanwhile, the government is still finding ways to fund the space mission to the Moon and Mars. As this project are very important for the image of the country and will help to propel Malaysia to achieve international recognition as a world class develop country. It was a fact that if the government reduces the fuel subsidies drastically they could easily get the funds from this savings for all these missions and keep some for themselves. But the government won't do so because they have the peoples' interest at heart by allowing a very slight increase in fuel price - 40 sens a litre only. This government cares for you and will do everything that helps you; if it didn't; at least they tried.

Petronas Screaming about WHAT?

“Petronas is screaming for an increase,” says Lim Keng Yaik.

Screaming about what?

What the f**k stone are they screaming at?

Didn't Petronas "complained" that they had made exceptional and additional $30bil a year over the last few years because of the exceptionally high crude prices? They were the direct beneficiaries of the high crude oil prices, making tons of money from nothing and the resources are from mother earth.

Petronas should be screaming loud about how the billions paid to the government as dividends and taxes had been abused and misused, and much of it was spent on grand pageantry events.

In the article, "Tall Building, Narrow Mind", The Economist said: "The most notable result, as with South Africa's similar policy of "black economic empowerment", has been "encronyment"—the enrichment of those well connected to the United Malays National Organisation (UMNO)..."

That's what Petronas should be shouting at, not about the subsidising of the price of gas. Over the last 10 years, the subsidy was less than RM50bil, but the exceptional gain was more than ten times that figure. Each year, more than $20bil had been contributed to the government and most of that money was utilised via the pilfered system and also via "encronyment".

Please shut your "F***ing mouth up if you can shout at the pilfering system. The money was subsidise for the benefit of the rakyat and the money belongs to the rakyat; so what the F***???

READ THIS.....


GDP growth best in almost four years

By Maisara Ismail and Annie Freeda Cruez

26th. August 2004, NSTP


Pertaining to the impact of high oil prices, Zeti (Bank Negara Governor) foresaw no problems for the domestic economy and inflation stood at a low 1.2 per cent. "We are a net exporter of oil, and we don't expect higher oil prices to impact significantly on our economy.

Zeti said. "As a rough estimate, a US$1 increase in global oil prices will positively impact the Government by RM100 million to RM200 million," she added.

So, what the F**K are they shouting about???

Election time? Goodies for BN?

The Tale of Oil Money

Rumours of an increase in petrol and diesel prices were circulating in early February 2006. For the record, the price of fuel had increased 3 times since Pak Lah became Prime Minister - it is a record of sort for a Malaysian Prime Minister.

In July 31, 2005, petrol price went up 10 sens. in May 5th. 2005, it went up by 10 sens. In 1st October 2004, it went up 5 sens.


PM denies fuel price rise

It is not true. There will be no fuel price increase just yet, said Prime Minister Abdullah Ahmad Badawi in denying rumours that were circulating nationwide. “Rumours are never correct,” he said when asked by reporters on talk that petrol prices were going up by as much as 20 sen. He said no decision had been made on the matter.

PM says, some increase is OK!

Finally, 28th February, the news rocks Malaysian - 30 sens increase per liter!!!

What's going to happen? What would be the repercussions?

It will definitely forced all other industries to balance their cost via a price fluctuation of all goods and materials.

Hardest hit will be the middle income and lower income earners. The impact is not just fuel cost for their motor vehicles. The fuel price increase at a substantial 30 sens per litre is going to fire up inflation to a level that would be insidious to the economy in general and possibly cause widespread discontent and upsets.

This "courages" step by the government could have negative effect on the current administration. Added to this high increase in fuel price are other factors and uneasy news of the possible hike in electricity tariff, water tariff, assessment tax and local council taxes.

Domino Effect?

Certainty!

Datuk Mustapa Mohamad, the then Minister in the Prime Minister Department emphasized that diverting oil subsidies to development project would stand to benefit more people. In Mustapa words, Petronas is not set up to be a cash cow to benefit a few people but for everyone.

Will the reduce in subsidy benefit the whole spectrum or will it just be another of those things in life ... the price rakyat had to pay for ineffciency???!!!!

PETROL SUBSIDY

Petrol Subsidy

The government’s subsidy on petrol has gone up despite the increase in the price of the fuel, 2nd Finance Minister Tan Sri Nor Mohamed Yakcop said. He said that although the petrol price had gone up by 5 sen per litre in the wake of rising crude oil prices, the government was forking out an additional 6 sen subsidy for every litre of the fuel sold.

He said the Current subsidy would be RM13.9bil from its previous RM11.6bil. In comparison, the subsidy was only RM6.8bil last year and RM4.3bil the year earlier.

In the article entitled "GDP growth best in almost four years" By Maisara Ismail and Annie Freeda Cruez, 26th. August 2004, NSTP, pertaining to the impact of high oil prices, Tan Sri Dr. Zeti, the Governor of Bank Negara foresaw no problems for the domestic economy and inflation stood at a low 1.2 per cent. "We are a net exporter of oil, and we don't expect higher oil prices to impact significantly on our economy. Zeti said. "As a rough estimate, a US$1 increase in global oil prices will positively impact the Government by RM100 million to RM200 million," she added. “We are a net exporter of oil and are well positioned to absorb the impact of any changes,” Dr. Zeti said.


Bank Negara strongly believes that high oil prices will not be detrimental to Malaysia as the Government stands to gain between RM100mil and RM200mil from every USD1 increase in the price of a barrel of crude oil after taking into account subsidies to keep petrol prices low,” said Bank Negara Governor Tan Sri Dr. Zeti.

Doing some mathematical calculations, using the figues given by Dr. Zeti, if we consider the price of crude oil to be USD20 a barrel in 2002, and USD53 a barrel now, that means there is an increase of USD33 a barrel which should translate to a positive gain of RM3.3billion to RM6.6billion nett gain for the government after taking into consideration of the total amount of subsidies by the government.

Then, how could it be that our 2nd Finance Minister says that the Government are in fact subsidising more????

Therefore, it clearly shows how the Minister is scewing the information by directing our focus to one point of calculation but not giving us the whole picture of the true financial figures.

Coupled with it will be the additional gains by Petronas whose pre-tax profit was RM37.4bil for the year 2003, which should balloon to something like RM70bil financial year 2004. Taking the fact that corporate tax of 28%, the government should receive around RM20bil taxation from Petronas alone.

Is that the way the government call - "Transparency and Accountability"??? by hookwinks and lies ........

It would had been better to say that the increase of fuel price and the reduction of subsidies is part of the government's effort to reduce the budget deficit and to provide more funds for development projects to pump prime the economy.

Maybe, if they are honest enough, it should be willing to admit that part of it will be used to award those who have help to ensure the victory of some leaders in the recent UMNO elections by giving them some projects.

PETRONAS MAKES HUGE PROFIT

Petronas Boleh

WHY CAN'T PETRONAS SUBSIDISE INSTEAD OF PUNISHING THE RAKYAT FOR THE 10 BILLION NEEDED FOR CRONY PROJECTS?

Petronas has strengthened its position as Asia’s largest oil and gas firm as well as the biggest and most profitable Malaysian company after reporting its best financial performance in its 30-year history.

For the year to March 31, the national oil company posted a 57% jump in net profit to RM23.7bil from RM15.1bil the prior year and a 40% rise in pre-tax profit to RM37.4bil from RM26.9bil.

Its RM97.5bil revenue was 20% higher than the previous year's RM81.4bil. Driven by strong prices for crude oil, petroleum products, liquefied natural gas (LNG) and petrochemicals, as well as growing sales volume from its overseas operations, the achievement was described by the company as “a respectable growth rate which is among the highest in the industry.”

Based on its latest results, Petronas’ annual return on revenue (pre-tax profit over revenue) of 38.4% for the year under review is more than double the average of below 15% for the world’s largest oil companies. Its return on assets, meanwhile, was 18.4%, a shade lower than the 18.7% attained by ExxonMobil, the world’s largest oil company, but ahead of other super-majors like ChevronTexaco, TotalFina, Shell and BP, based on their latest financial numbers.

Petronas belongs to the Government and the Government belongs to the Rakyat. Isn't is justifiable that the Government takes the RM 10 billion from Petronas if they need the money for projects? Or, is the money in Petronas for Mahathir and Hassan Merican and SCOMI?

The way Petronas is treated, it is as if it is owned by some individual and the money will be used to bail out some cronies. Maybe Mahathir can give an honest answer to the secrecy.

TALE OF THE PETRO-DOLLAR MISTAKEN IDENTITY

Petrodollar-19th.June

THIS IS A TALE!

Hasan Merican: "Hi Che Dek, I was informed by Pak-lah that Tun M belum dapat terima allowance yang telah di bayar oleh Petronas. Actually, we had bank-in the money into your bank account in Switzerland,"

Mahathir: "Ya-ka? Switzerland atau Swaziland? Tak ada orang beritahu-pun? I ingat sebagai Advisor, tak-ada gaji atau allowance. Kalau begitu, terima kasih-lah. Berapa banyak tu"

Hasan Merican: "Dalam $20,000 sebulan. Tolong Tun M beritahu Pak-lah perkara ini telah selesai, ya?"

Mahathir: "Yang $20 ribu duit USD atau Euro?."

Hasan: "Ringgit, bukan Rupiah, dan tentu bukan USD. Kita dengan US tak kawan. Jadi tak boleh USD, Tun."

Mahathir: "OK-lah, Ho-Ko-Mo." (transliterate: better than nothing)

Star Reporter to Che Dek: "Tun, Petronas beritahu kami bahawa mereka ada bayar allowance?"

Mahathir: "Ya, tapi tak banyak, tak serupa yang di katakan dalam surat khabar. Bukan ratus ribu sebulan; tak-cukup-lah."

Reporter: "Harga minyak sudah naik banyak tinggi. Kenapa tak di bayar atas Petro-dollar?"

"Ya-lah, Petronas Hasan kedekut. Dulu masa I sebagai PM, sepatutnya, I tendang keluar Hasan Merican dan ganti-nya dengan Ling Liong Sik atau Samy Toll. Mesti I dapat Petro-dollar dan privatization of Petronas Oil. Regret sikit!

Mahathir Not Paid - How Can?

Mahathir charity-18th.June

Mahathir Continues to Sacrifice for the GLCs!

Mahathir said today that he was not even paid a sen for being the advisor to Petronas, Proton, Langkawi Development Board & Tioman Resort.

"How can Pak-Lah do this to him," says Ah Ling.

"Dia pun kena makan dan isteri dia pun nak shopping di-Times Square, mana-boleh?" quipped angry Mokhtar.

"Tapi, kenapa dia tak jadi Advisor kepada PERWAJA yang lebih teruk dan dah banyak rugi, apa-kata, dalam Billion ringgit?" pondered Ali.

"Mahathir is helping out where he can, and this is what a good citizen is about - NATION BUILDING. You can only build on a foundation that is stable and secure. You can't do a good job with the amount of shit in Perwaja - let Abu Sahid sort it out as he is the best man on the job. He has nursed many sick companies and he's done a great job. He is better than Eric," commented Ling Lan Seek.

Well, I guess so, and wish Mahathir a long life to see the fruits of his labor. GOD will pay him for the good service. Blesses Mahathir and bye to you all.

PAY MORE FOR PETROLUEM IN AN OIL RICH NATION

HIGHER PETROLEUM PRICES

The Government has decided to increase the cost of petroleum fuel by two cents per litre. The price is now $1.37 begining 1st. May 2004. This will definitely cause a chain reaction to the other products and goods associated with petroleum. Anyway, almost everything in manufacturing and service sectors used fuel; at such, we have to be prepared to pay more, while earnings remain unchanged.

The reasons given by our Minister of Domestic Trade & Consumer Affairs Datuk Mohd Shafie Apdal is because of the increase in the world crude oil price,and despite the price hike, petroleum products in Malaysia were still cheaper than those in neighbouring countries, including Thailand and the Philippines.

He said the Government would still be forking out more than RM800mil in subsidies and tax exemptions for petroleum products for this month alone. Mohd Shafie said it was also likely that the Government would incur revenue losses because of the higher prices. Citing an example, he said the Government’s revenue from diesel tax for this month was estimated at RM166.9mil compared with RM180.8mil last month.

I do not doubt this statement, but why can't our Ministers also analyze the things that cost less in other countries??? There are many things which cost more here in Malaysia than in other countries, but we don't seem to hear from those Ministers of their effort and actions aimed to ensure that Malaysians will similarly enjoy those benefits.

Malaysia is an oil producing country and Petronas is reaping many billions of dollars from those GOD given assets. Why can't Petronas use some of those profits to benefit the hardcore poor, like buying up all the excess low-cost houses and then renting it to the poor for maybe, $50ringgit a month? Khir Toyo should be suggesting to the Government on this proposal instead of suggesting that the rich people be allowed to buy those low-cost houses and then rent it to the poor, which will definitely be more than $50ringgit a month.

Come-on Khir, would you at least try this proposal or maybe suggest that Ministers and State Exco members who live in bungalows worth more than a million ringgit should donate these low-cost houses to the poor.