Latest Malaysia: oil price

Showing posts with label oil price. Show all posts

Sunday, April 3, 2011

RON97 up by 20 sen tomorrow to RM2.70 a litre

Well, according to a report, the pump price for RON97 petrol is to be hiked by 20 sen a litre effective midnight, bringing it back to the RM2.70 per litre mark.

This makes it the fourth increase in four months for RON97, which has its price determined by a market float, with the jump to RM2.30 on December 1 last year followed by a 10 sen increase to RM2.40 per litre on January 5 and another 10 sen to RM2.50 on February 1.

The report in The Malaysian Insider quotes that an industry source said that the confirmation notice was sent out this evening about the 20 sen rise. No surprise with the hike happening, given that the price of crude oil has rocketed of late.

Update: It’s confirmed that the pricing of RON95 will remain unchanged at RM1.90 per litre – RON95 and diesel were last hiked on December 4 last year.

Wednesday, December 3, 2008

Amusing food and sundry items prices despite drop of fuel prices

Today saw thestar.com.my and knew about the fuel price drop until RM 1.90 for RON97 and RM1.80 for RON92. Bravo, should have done this a long time ago. But there is another contradictive fact that keep annoying me and other citizens in Malaysia (which I believe most of us do) : the price of food and all sundry items. To PM : Do you know what type of damage have you done to whole Malaysian wallets? Maybe you don't feel it, but we all do feel it : 20-30% extra spending (which means 20-30% lesser in savings)

When the fuel price increase 78 cents in 1 shot, all sectors were trying their best to increase price and cost at all levels, which this time shows the best effort ever in history of Malaysia, from nasi lemak seller to nasi kandar seller to flour supplier to taxi and bus driver to hawkers, and TNB was among the one that fights the most (we can see all sort of funny reasons came out from those suppliers and GLCs). Funnily, Poslaju Malaysia didn't increase the postage rate while all other courier increased the courier charges almost immediately. Guess what? after fuel prices dropped down, Poslaju increased their surcharge to 25%!!! Very smart management to increase price while the cost was actually dropping. What is the consequences of these? Almost all prices increased due to increase of transportation which leads to sudden increase of inflation rate.

At the hawker center, a big bowl of Kari Mee which usually just cost RM 2.50-2.80 suddenly shoot up to minimum RM3, and the content magically reduce so much. When asked about it, they say flour and rice and mee and *fill in the blank* supplier increase cost 10-20%. Tragic increase of 25-40% of food price in general while suppliers just increase 10-20%, a typical kiasu Malaysia hawkers attitude.

Let's change to fast food restaurants. I don't really know in detail about how they rate their so-called service charges, but after fuel price increase, you really have to check your bills properly. Usually they just charge 5% for service charges, but now generally they impose 5% government tax and 5-10% of service charges. I did ask 1 of the fast food restaurant manager, he told me that it's inevitable due to government getting extra tax from them (not sure true or not). But if this is true, the government really have to re-think their policy. The maximum tax should be imposed on smokers, as those people are creating bad breathing air that can cause cancers. Why we civilians have to suffer the extra tax? We are already paying tax every year, and we are getting charged again in restaurants, and it's not little amount!!!

We Malaysian are typically not so greedy, we just want a low and stable price of food. Increase of prices during high fuel price hike, we do understand that. But now that all fuel prices has dropped, where is the decrease of food and transportation price? Increase RM 1 but drop 10 cent for each poslaju courier? Increase 50 cent for hawker food but never reduce hawker food price until now? TNB die die want to increase tariff as soon as the fuel price goes up, but now that the fuel price dropped, the CEO of TNB just keep quiet? If the government has a leader with conscious mind, the prices of food would have drop alot by now, electricity tariff would not be so burden to majority of us now, and you, the ruling party of Malaysia, you won't end up losing 5 state to the hands of newly-formed Pakatan Rakyat just like that.

Please, do something for the benefit of people. BN is already losing people vote and faith nowadays, it's time to wake up and do something right.

Saturday, November 22, 2008

US$40 a barrel of oil? - Government is slooooww... like a snail...

The Government is so slooooww like a snail when reducing price.

Toll price, Fuel price, Food price.. everything slow. But when the global oil price shoot up, the same afternoon they hold the press conference and announce fuel price hike.

Mr PM, with all due respect. the rakyat needs you to buck up and hurry up. And to the coming PM, if you are as slow as well, I don't think you will last till the next GE.

Wednesday, October 29, 2008

Petrol price reduce lower than RM1.92?

I just don't understand the maths from the news above.

To quote certain parts of the article:

Ahmad Sarpur, a dealer in Johor, said dealers could lose between RM13,000 and RM25,000 each time petrol is reduced by 15 sen per litre.

“This is because there is a minimum order quantity of 21,000 litres that we must pay for immediately. There is no credit,” he said.

“If the petrol is delivered in the morning and the price is reduced at night, we have to sell petrol 15 sen cheaper than what we had paid for it.”

Shahrir said the Government had been fair to the dealers saying: “We have not reduced their margin of 12 sen per litre after it was increased in June and we will try as much as we can to keep upcoming price reductions to 15 sen at a time.”

Now, let's do the maths according to the article.

If the margin is 12 cent, and the government lower the price by 15 cent, the petrol dealers lose 3 cent per litre. If minimum order is 21,000 litres, this translate to a lost of 21,000 x 3 cent = RM 630, less than a RM 1000 as opposed to the blown up figure of RM13,000 to RM25,000. To lose RM10,000, one particular dealer will need to order 333,333 litres. In a time when the petrol price is erratic, which trader in his right mind will order that much amount of litres?

If Shahrir said the petrol price can never go below $1.92, what happens when the crude oil per barrel is less than USD 40?? Its sad that now that the economy is going downhill and moving towards global recession, the government is still thinking of squeezing from the rakyat. The rakyat paid the taxes, and still need to pay more than the world crude price, again who should be subsidizing who?

By the way, the petrol was raised to RM2.70 when the crude price hit $147 for a few days. Now that the crude oil has fallen more than 50% below USD 70 for more than a week, exactly how much should the rakyat pay per litre? I have no problems solving engineering maths, but somehow I could not crack this calculation. Can anyone do the maths for me? At night, we have to deal with thiefs, now we need to deal with daylight robbery, and this comes from none other than our beloved government! Is that's a Malaysian life should be?