Malaysia Fuel Hike: Petrol RM2.70 (Up 40%) Diesel RM2.58 (Up 63%)
Our Prime Minister Datuk Seri Abdullah Ahmad Badawi announced yesterday the new price for petrol at the pump would be RM2.70 per litre (a 40.6 per cent jump) and diesel, RM2.58 per litre (a whopping 63.3 per cent jump) effective from Thursday 5th June 2008. And the price will be reviewed monthly!!!! In other words, the price would be adjusted monthly based on the global oil price based on a formula: 30-sen per litre discount from market prices.
As usual, the government told us:
The government’s move to float the fuel price in accordance with the global market price still makes Malaysia one of the countries with low prices for fuel in this region. The new prices of petrol and diesel are far lower than the RM5.20 and RM4.22 for the fuels, respectively, in Singapore which has floated the prices as well!
To ease the burden of the rise in the fuel prices, Government will give cash rebate for Malaysian owners of private cars and motorcycles upon renewal of their road tax.
- RM625 per year for private cars of engine capacity of up to 2,000cc and pick-up trucks and jeeps of up to 2,500cc.
- RM150 per year for private motorcycles of engine capacity of up to 250cc.
The rebate would be given in the form of money order at post offices nationwide beginning this July 1.
For those who are not eligible for cash-rebate category would have their vehicle road tax reduced according to the following rate:
- Road tax reduced by RM200 for private petrol and diesel vehicles with engine capacity of more than 2,000cc
- Road tax reduced by RM50 (subject to a minimum of RM2) for private motorcycles of engine capacity of more than 250cc.
Drivers’ reactions on surprise and sudden petrol price hike at a local petrol station..
Let’s prepare for the worst to come. As expected, everyday stuff will increase prices pretty soon. Everything up, up and up! Boss, salary can up or not? :praying:
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Boss will pretend nothing happen only…
NO doubt about it
Our government did nothing to curb inflation…unendurable period …
Perhaps I need to start planting vegetable oledy… :nottalk:
Sarawak’s petrol price increase or not?
Of course, no exception!
TMSAT .. Simple man impact on rising fuel prices
Agreed with the opinion the current government is doing little to curb inflation. The government claimed that our petrol after price increase is still the cheapest. Liar. Liar. Liar. Brunei petrol price for RON97 is only RM 1.22 as at May 2008.
Goldman Sachs just dumped Malaysian shares out of their portfolio and downgraded their rating for Malaysia last week with two main reasons:
1) Malaysian government is too slow in responding to curb inflation and raising prices
2) Political volatility vs stability of the current government
References:
http://thestar.com.my/news/story.asp?file=/2008/6/4/business/21447929&sec=business
http://www.moneyam.com/action/news/showArticle?id=3008200
Now, Goldman Sachs and other global funds will have more reasons to dump Malaysia shares and down grade our rating.
Malaysian way of increasing fuel prices is rather against the current government promises to Malaysian during the General Election 12 year 2008 campaign. Despite being the simple majority winner, promises made on are not delivered.
We may have previously read from supporters of the current government in giving the current PM a chance to lead the country and slammed critics on their opinions in this blog site or other Malaysia current affairs related blog sites. Well, what are your current feeling about the raise in fuel prices and the domino effects of such drastic actions? Only time can tell:
1) what’s the real thing behind why many people voted for change in government.
2) what’s going to happen to our stock market
3) what’s going to happen to the prices of food, basic needs, transportation etc etc
4) what’s going to happen to our development – cost of materials go up, housing cost will also go up
4) will there be more unrest, crimes, social in-balances, family troubles etc etc
It the way the current government play the opposite-to-robinhood. Rob from poor, pay the rich. (TNB, Toll companies, Companies with bulk Approved Permits for vehicle, Companies with bulk taxi licenses, Companies with bulk bus licenses and the list goes on)
So far promises made had not been delivered and All Malaysians can also forget about getting the promised of the Road Tax rebates. Imagine, you go online or Post Malaysia to renew your road tax, how will the government rebate you, at the Post Malaysia, auto-debit money to your internet banking account, print and post you a check or any other means you can think off? If any of this payment mechanism is feasible and practical, what will be the timing of the payment, immediate with agreed and published Service Level of one week or 7 days?
These are good food for thoughts for suffering Malaysian.
Only time can tell… :nottalk:
msia good quality petrol export to foreign countries for profits; and msia import low quality petrol from foreign countries for local usage, to pollute the air & harm malaysian’s health.
When internation petrol price increase, malaysia make more profits from petrol exportation, certain parties gain the major benefits; Petrol importation cause the local petrol price up, all malaysians bcum the victims.
anyway, this my own opinion.
Prepare for the worst, life is getting tougher…
somehow i see bad times ahead for all of us
And our money becomes smaller and smaller…
i hope LRT prices dun go up.. >_< but public transportation prices sure go up again ..hai..toll go up, petrol go up..
Everything will go up, the only thing won’t go up is our salary for sure :grrr:
Surely we dun compare ourselves with Singapore. Singapore is not oil producer. Why not comparing with China or Brunei?
Not to mention Singapore average income is far more than us!
I heard a lot of complaints about this also…:( Petrol prices are going crazy!
We all worry about the butterfly effect resulting from petrol hike..
i feel so sad bcoz of increasing petrol price…i think a lot of people also will fell the same rite…
…huhuhu…
yea…i agreed wit lily..the gov cannot do this to thier public.. :no: