Fuel prices may drop again before Hari Raya 2008
Minister of Domestic Trade and Consumer Affairs Datuk Shahrir Samad says petrol prices may go down further, and may have hinted at a possible reduction in price sometime before Hari Raya. “Looks like fuel prices are stable and I hope they continue to be so and come down a little so we can celebrate Hari Raya happier,” he said to Bernama at the Bernama Web TV launch yesterday.
He said a reduction is possible as there is a slight downward trend in fuel prices, with crude oil costing US$109 a barrel this week compared to US$115 a barrel two weeks ago.
The government raised fuel prices on the 5th of June this year from RM1.92 per liter to RM2.70 per liter for RON97, RM1.88 per liter to RM2.62 per liter for RON92 and RM1.58 per liter to RM2.581 per liter for diesel fuel
It then dropped it on the 23rd of August 2008 to RM2.55 per liter for RON97, RM2.40 per liter for RON92 and RM2.50 per liter for diesel.
September 4, 2008 @ 4:09 pm
When Gong Xi Fa Cai comes, NAIK HARGA !!!????
September 4, 2008 @ 4:12 pm
Good news..
But.. don’t get our hopes high.
September 4, 2008 @ 4:22 pm
Stupittttt.. why dont they just stick it before?
because when they stick the price and just pay the sum of money to oil company!. They dont have to do many things too many works.. to many bla bla! (ie :rebate/diesel subsidi etc etc etc). See? what a weeeeeeeeeeeeeeeeeeeeeaaaaaaaaaakk gov.
Step down lah pak lah! Im getting to hate you more now!
September 4, 2008 @ 4:53 pm
Political.
September 4, 2008 @ 4:53 pm
i bet they’ll reduce the price just before September 16th… LOL
September 4, 2008 @ 4:55 pm
Welcome to Malaysia Sdn Bhd and Syarikat Abdullah Dan Anak Anak Sdn Bhd and partners joint venture country
September 4, 2008 @ 4:56 pm
they should just make it solid RM2 in august..
goverment now more to make money rather than developing the country..
When Our Tun Mahatir time, he was developing the country in full speed..
pak lah is like doing all the petani work..2 Penang bridge also not yet start..
make profit from people n masuk poket je..
we need someone like Tun Mahathir..
September 4, 2008 @ 5:07 pm
Tun Mahathir is the cause of all this, u think everything just suddenly happens out of no where?
Petrol price reduce is a good thing but the basic needs price wont go down.
September 4, 2008 @ 5:09 pm
i don’t care about political or what so ever as long as they reduce the price, i’am so happy!! huhu
September 4, 2008 @ 5:14 pm
a last minute arse kissing? you know what, don’t bother, this could be your last 2 weeks of ruling for sometime anyway…
September 4, 2008 @ 5:23 pm
Ya, drop 2 cents this time and the G make it like a big ang pow… haha.
September 4, 2008 @ 5:52 pm
just for this raya celebration… after that during christmas & new year eve also CNY they will increase again bcoz they said we chinese are imigrants to this country thus cannot enjoy equal rights as those bumi deserved >(
September 4, 2008 @ 6:06 pm
haha, yeah i agree with the first poster, they would reduce price in hari raya, then increase it back on christmas, new year and deepavali. another political way to win with the voters.
September 4, 2008 @ 6:11 pm
AND NOW THE ELETRIC TARRIF BILL HAVE TO COME DOWN BY HARD IF NOT THE GOVERMENT HAVE TO COME DOWN BY HARD THEN
September 4, 2008 @ 6:15 pm
Our PM just said that if adjustments were made on Sep 1 instead of Aug 22, fuel prices would have been RM2.57 per liter instead of RM2.55 per liter.
Can someone please enlighten me how this works? when global prices for the week August 22 have been consistently decreasing.
Source: http://tonto.eia.doe.gov/dnav/pet/pet_pri_wco_k_w.htm
Does that mean for Msia, global fuel price decrease, local price increase?
September 4, 2008 @ 6:37 pm
I just love this govt…classic flip flop…really bad economic advice…they should not have raised the prices so high in the first place. The damage has been done and prices will still be high even if they drop the prices to 1.92. Wonder what the bureaucrats are doing?
September 4, 2008 @ 6:37 pm
don hope too much
September 4, 2008 @ 6:39 pm
I believe the G will say they already give RM20 rebate for electric tarrif, so no need come down the price. See like what someone did to the PP people during Anwar election, N***B say the fuel rebate is enough to support the poor and dont ask for more~!
When BN win, BN = Barang Naik… Even fuel price when down, but the damage have been done badly… Thanks to flip flop decision…
Even fuel price went down, but the mamak stall / hawker price got went down?!? We suffer the most!! Wah~!
September 4, 2008 @ 6:46 pm
Well.. when opposition take over, petrol price cut down to under rm2.. harga barang still like that eh?
September 4, 2008 @ 6:49 pm
Cut fuel price? It would be happening because its Hari Raya, when we ” the penumpang” celebrate our own festive seasons, I don’t think it will be a “Happier CNY” or “Happier Deepavali” or “Happier Christmas”…
September 4, 2008 @ 7:11 pm
kc G
September 4, 2008 @ 7:16 pm
what an idiot. still unaware of the storms that are occuring in the mexican gulf.
September 4, 2008 @ 7:34 pm
i think i’ll believe it when i see it..
September 4, 2008 @ 8:26 pm
Hmmm. I think I know how it works.
Threten the gov with jumping party and severe unpopularity, they will lower fuel prices. This is the rakyat’s new weapon. Use it all the time!
September 4, 2008 @ 8:30 pm
lol…i think i know a better way..
Create more rumors that there’re more technologies replacing petrol, then petrol price doomed!..
And the crude oil exporter, die~…
but not Dubai, converted all their $ into entertainment/ tourism~
Then? Win-Lose~
September 4, 2008 @ 10:13 pm
Wow, the phoney candyman Datuk Shahrir Samad is handing out fake sweets oredi……
September 4, 2008 @ 10:25 pm
alvin_chan88 and the rest: aiya, stop la saying those things. happy raya this, happier CNY, christmas that etc. it hurts man. let those bloody politician do their bloody political trades, we all know that they’re just a bunch of idiots, so don’t let their idiotic and pathetic way of thinking smear this blog too.
September 5, 2008 @ 12:38 am
crude oil price only 107.77 usd now
and it is getting lower day by day
September 5, 2008 @ 1:57 am
From what i know, if the global oil price drops today it will not reflect instantly on our petrol retails as this is future market. That’s mean today we place an order to get these barrels it might takes sometimes for deliveries.
I would wonder most of the time, why not our government take extra efforts to explain in details about the breakdown of these costs. I do understand, to calculate the actual cost and fuel surcharge trucking is far more complex. But i do hope someone from our G could shed some lights to us to understand more how is our RM2.55 p/litre come into retails.
Facts
1 Barrel = 158.987 litres (Source : http://en.wikipedia.org/wiki/Barrel)
One barrel (42 gallons) of crude oil, when refined, yields approximately 19.6 gallons of finished motor gasoline. The remainder of the barrel yields distillate fuel oil, residual fuel oil, jet fuel, and other products. (Source : http://tonto.eia.doe.gov/ask/gasoline_faqs.asp#gallons_per_barrel)
1 Litre = 0.26g (US), for UK is (0.22) (Sounce : http://www.teaching-english-in-japan.net/conversion/liters)
19.6g / 0.26 = 75.38 litres of motor gasoline.
September 5, 2008 @ 7:49 am
Let’s hope this is true. Even if the price comes down, it won’t stay that way for long. So enjoy it will you can, since the only thing that is certain is uncertainty!
September 5, 2008 @ 8:03 am
hahahaha.. the conclusion is.. ‘we’ need the new ‘FACELIFT’ of the G. but im quite sure even with the new ‘FACELIFT’ ‘we’ also ‘HENTAM’ jugak. so no matter who or which party manage the country. as long as u’re the G. ‘we’ will ‘HENTAM’ at time to the time. hehehehehe.. our mentality… right..
September 5, 2008 @ 8:33 am
Hari raya ang pow is a very good feel good plan. People will appreciate it very much due to balik kampong trip.
September 5, 2008 @ 9:17 am
Try not to make racist or religious comments. There are other blogs for that.
Can someone explain the parallel comparison-persamaan serentak on how global crude oil prices effect local petrol/gasoline prices?
If you monitor global crude oil prices, can you make a prediction on what the local petrol price will be next month? Is that how it works? Why are there folks worried about CNY Diwali and Christmas prices?
As for grocery and foodstall prices.. supply and demand only. The price will go down if the buying stops.. or sumthin’ like that.
Ok then, bash away.
September 5, 2008 @ 9:21 am
“Kerajaan akan menurunkan 15 sen lagi harga petrol dan diesel akhir tahun ini jika harga minyak mentah dunia terus susut di bawah paras AS$109 setong, kata Perdana Menteri, Datuk Seri Abdullah Ahmad Badawi.”
-Berita Harian (05-09-2008)
Another inconsistant statement…
September 5, 2008 @ 10:00 am
badawi, u can’t trust his words
September 5, 2008 @ 10:06 am
Political reasons? I have doubts.
I don’t think ill be happy on this issue BEFORE or AFTER raya.
Know why? Because EVERYTHING else in Malaysia have big raise in prices.
September 5, 2008 @ 10:28 am
HIDUP PAK LAH !
DONT CARE TAPI I THINK WE MUST BERSYUKUR…
THE DROP OF PRICE MEANS I CAN BUY MY DOCKERS MORE
September 5, 2008 @ 10:32 am
Wah…..soooooo good news!
When the price of petrol goes down, perhaps I’ll get discount for my favorite roti canai breakfast. Wah, like that, I can eat 2 roti canai oredi. Yipeee!!!!
Yeah, right……
September 5, 2008 @ 11:35 am
pls la… dun just follow on stock market price… there is one company in china named cnoocpoc show their financial report last year while im doing servicing at one of their platform in panyu… USD7/barrel they sold out their crude oil… how come we can follow that stock market price… jibai government just suck our money… we should pay what petronas sold to their customer… not gaining profit from us…
September 5, 2008 @ 4:00 pm
dUrEx333 says,
hahahaha.. the conclusion is.. ‘we’ need the new ‘FACELIFT’ of the G. but im quite sure even with the new ‘FACELIFT’ ‘we’ also ‘HENTAM’ jugak. so no matter who or which party manage the country. as long as u’re the G. ‘we’ will ‘HENTAM’ at time to the time. hehehehehe.. our mentality… right..
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That’s democracy…we are the boss…the govt should serve us not as currently d other way around…..Terima kasih to Kerajaan kerana provide..etc….??? (why need to thank…..it’s yr duty as the govt ler)
September 5, 2008 @ 7:15 pm
too late, damage already done.
and i am not getting my hopes up, something bad will overshadow this minor good news.
see what anwar can do when he goes in. go go go!
September 5, 2008 @ 10:59 pm
yea damage already done. refering to an example by a guy from the above comments. if the roti canai indian mamak had to increase his price to counter the increase in fuel price, why in the world would he lower his prices when the fuel price decreases.
puny savings in petrol when the tax on imports can already cover the cost of subsidy 1000 times over.
September 5, 2008 @ 11:58 pm
puny ideas implemented by puny brains in the G who took us for fools. it ends now so burn puny brains, burn! dun need ur subsidises, dun need ur puny decrease in petrol price, in fact willing to pay more to watch ya burn, puny brains.
September 6, 2008 @ 9:46 am
ignas,
and puny brains commented, demonstrated …
Floating price mechanism is not new, and the price although generally based on crude oil price, it is much more dictated by Singapore Oil prices (which set the price for ASEAN region generally), and have factored in cost of production etc. apart from crude oil only. MOPS95/92/97
And whatever price dictated by the exchange will be averaged for two weeks then subsidised by 30 sen to make the new pump price.
As for towkays and roti canai sellers not lowering their price , then I hope that the mechanism to dictate prices of oil can also be used to lower price of roti canai. OR better when PR come to power then Anwar can come up with a pricing mechanism for mee goreng, roti canai, nasi lemak etc. based on raw material price. Better still make production of food to be govt. only industry.
September 11, 2008 @ 1:21 pm
hahaha.. biggie, great crossover from oil to roti canai.
i am trying to guesstimate the price of petrol based on average US retail price as at 11 Sept 08. this ignore any time lag, different crude oil price and quite a few factor exist in real world but my own guesstimate is, this guesstimate result should be about right.
okay let’s start…
USD 3.668 per gallon (assuming that for RON97)
1 gallon = 3.785411784 liter
USD 1 = MYR 3.438
so, 1 gallon = MYR 12.61
so, 1 liter = MYR 3.33.
Traditionally, petrol price in Malaysia is cheaper by around 30% than the US.
So MYR 3.33 x 0.70 = MYR 2.331
Therefore if Govt. announce new petrol price TODAY, it could be around or lower than RM2.33 per 1 Liter (inclusive of subsidy).
That is a reduction of around :
1. 8.627% than current price of MYR 2.55 per 1 liter.
2. 13.7037% than the previous price of MYR 2.70 per 1 liter.
But still an increment of 21.354% from the ‘old’ price of MYR1.92 per 1 Liter.
If G took the average price of last 14-day of Singapore Oil… somebody who know these S’pore oil MOPS price could actually calculate the new petrol price right away ..
can somebody do that ?
September 17, 2008 @ 9:10 pm
Here’s a simple calculation that i came out for calculating petrol price based on market rate. Pls correct me if i’m wrong.
Here’s my calculation based on how we can convert USD per barrel to RM per litre.
One barrel is equivalent to 42 US Gallons (There’s a difference between US and UK gallons).
One US Gallon is equivalent to 3.79 litre. So this makes one barrel equivalent to 159.18 litres (42 x 3.79)
Using 1 USD = 3.5 RM,
The formula to calculate RM per litre is as follows: (USD crude oil price per barrel / 159.18) times 3.5.
At current market value of USD 94 per barrel, price per litre is (94/159.18) times 3.5 which is RM2.06 per litre.
So if the goverment is subsiding 30 sens, we should be getting RM1.76 per litre.
Now if we roll back few weeks ago where our petrol price was reviewed, the market price per barrel was around USD130. So we get (130/159.18) times 3.5 = 2.86 RM per litre. If Govmen subsidies 30 sen, we get our current pump price at 2.55.