Journal
Wednesday,Feb 11 2009, 03:38:06 PMPetrol Price Reduction - To Laugh or To Cry?
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Quoted from comment in Malaysiakini : Malaysians are paying too much for petrol. Even after the recent reduction, we are actually paying RM1 more per litre than what we are supposed to and this money goes into the government's pocket. One barrel of crude oil can produce of 159 litres of petrol. The price of US$55 per barrel should be multiplied with 3.5 being the exchange rate of the US dollar to Ringgit Malaysia. The total should then be divided with 159 litres. Thus, US$56 x 3.5 = RM196 divided 159 litres = RM1.23 per litre. The government has informed us that we are receiving a subsidy of 30 sen per litre. So, RM1.23 per litre - 30 sen = 93 sen per litre. But Malaysians are paying RM2 per litre! (the new price after the Nov 17 reduction) By right, Malaysians should be paying 93 sen per litre and not RM2 per litre. The reduction given by the government does not make any sense at all and does not correspond to the reduction in price of crude oil per barrel.
