Time to change our lifestyle – oil has reached for the first time in the history of oil prices an astronomical price of US$100 per barrel, on the 3rd of January 2008. This is still slightly less than an inflation-adjusted (old price in present day values) of US$102.81 a barrel in April 1980. The US$100 per barrel price was an intra-day high – the price finally closed at US$99.62.
That might push the general election to Feb 08, or even sooner?
I think we are going to see $100 oil as a support for 2008. We might average something like $130 for the year and maybe even reach $150. Basic facts are, we’ve passed peak oil, demand is going to continue rising and supply is on a razor thin edge. So whatever it is, petrol prices will climb significantly, unless the government is going to dig deep into their coffers.
we may see petrol hikes 2 times in this year
The main reason why oil is higher is speculation, low reserved by the US, and the weakeaning of US dollar. Although the price of oil up to $100 per barrel, our currency ringgit is up to RM3.28 for US$1. Just do a simple calculation. Before it was RM3.80 for US$1.
Azrai, your calculation is correct but in the otherway round, we are acutally making less from selling our oil. Anyway our G will say now oil already high so we must increase our petrol price. Watch out you guys.
while the oil did reach $100/barrel yesterday, its was artificially induced. See how ONE man can change the world.
http://www.dailymail.co.uk/pages/live/articles/news/news.html?in_article_id=505706&in_page_id=1766&ito=1490
The economy that we created is so open to abuse.
that is typical malaysia G style…leave the pain to the citizens…low & middle class family will badly impacted…
Unfortunately, there is nothign the government can do to stop petrol prices from going up. Continual subsidizing petrol isn;t exacly a way to go around as well.
However, as crude prices rise, Petronas is raking hugh profits. It would be wise to use those profits not to subsidize petrol prices but to provide better alternatives in public transportation. The government can also reduce the tax on cars (both road tax and import taxes), so we can afford to change our clunkers to more efficient ones. Let the petrol price dictate who will buy what car to drive. Time to move to diesels as well.
2020 is only 12 more years, seems we are still 50 years behind in that respect. So much for that.
Look at this way, everyone drives better cars = cleaner environment, safer… those that have access to good public transportation wont even bother to drive.
I think Diesel is the way to go…..It’s way more efficient the petrol……….
Die d. We are all dead. Too expensive to drive a kancil. The roads will be roamed with more “mat rempits” :S
We should brace ourselves for a price hike already, I’m surprised our national fuel price hike wasn’t announced on 0000 1st January 2008 :p And Paul, you’re still using that pic!!
Fuel price rise to RM 3.00 per litre, that is likely scenario.
Work harder to earn more, or change your lifestyle to more simple and cost effective.
Malaysia Engineers Starting pay rm2700,
Malaysian petrol rm 1.9++ per litre
UK Engineer Starting pay E 3000
UK petrol E 1.6++ per litre
AUS Engineer starting pay AUSD 4000
AUS petrol AUSD 1.4++ per litre
Yeah, malaysia’s petrol is cheap if compared within the currencies…
but if compared with earning capacity, malaysians face heavier burden in living cost.
When gaji naik, the increment all used up d la for petrol, equals to nothing
eddyhyip, its not as simple as that. you must not forget people who live in those countries pay HUGE taxes as compared to us. they also pay more for their goods and services. insurance is also skyhigh as compared to malaysia.
the rise in petrol prices are inevitable. we can only hope that the money the govt saves on the fuel subsidy, will be used in the best possible way.
@BanyakMasukWorkshop, they pay more taxes but their living cost is still LOWER than us. There are always things that cost more but overall they still can save more money compared to us. Simple reference. My colleague managed to get a posting to London and after working there for 5 years, he saved enough to buy a 500k house and spend 100k on renovation. I had to use my EPF fund for my 240k condo downpayment and only managed to scrape 20k for reno, after working and saving for 13 years. And I was 2 level higher than him in terms of ranking when he left Malaysia. Heck, he was even paying for his girlfriend’s uni fees for 3 years!
The G is just crapping on us about this lowest, that lowest. Inflation is climbing way higher than our salary increment every year! Basically, lower and middle income group are screwed all the way! Guess I’ll have to tune down my turbo boost when fuel price goes up.
wat happen
BigFish said,
January 4, 2008 @ 11:18 am
Work harder to earn more, or change your lifestyle to more simple and cost effective.————————————————————
Yes, agree with you….
Ever considered trying out the variety of fuel saving products? I haven’t tried before but looking at the impending price hike, might consider it.
KL-ATR
youre right. its an easier life for lower and middle class elsewhere.
msia needs to start practicing meritocracy now. its done in kindergarten, primary secondary schools. why not after that.
scary to hear your comment ” I had to use my EPF fund for my 240k condo downpayment and only managed to scrape 20k for reno, after working and saving for 13 years”
but i beleive you are doing better than majority of middle class people in msia.
Speculation is not the driver of oil prices. The market is just way too big for that. It is true that part of the reason for the increase is the depreciation of the US Dollar, but by and large, the main driver for oil prices is simple supply and demand. Jim Rogers (a famous commodities trader) said that speculators at best, ‘grease’ the wheels of the futures market.
it’s difficult for company especially MNC to adjust staff salary when gov reported a ‘wrong’ (or shall i said artificial) inflation rate.
most of the company, refer to national inflation rate to adjust their staff salary adjustment (regardless you perform or not). When the report is already ‘false’ or ‘half true’ then the adjustment is also ‘half true’ lor..
EddyHyip, where got engineering starting salary RM2,700.. most company give freshies 1.8- 2k…
looking at 2k figure really make me worried.. last 6 years when i start work, the rate is around that too.. now still that figure, like malaysia is ‘no-inflation’ nation. there must be something wrong there.
to KL-ATR,
after working 13 years….rather how many % downpayment did it go to the condo…..your friend might be paying 10% dp for the house which is only 50k….unless he pays 50%, which i would say WOW.
and ure driving turbo?…means alot of ur pay goes to the car, that means less to save.
i only work 1 year….and probably by another year…i can afford to pay downpayment for 240k condo too…..assuming 10%….and im not earning some huge salary….it all depends on how much u save and how expensive ur taste is.
b4 the election they sure don talk about the oil price or pretend don knw ..after they won in election..and will raise it…i guess the oil price will raise rm 0.30 per liter from current oil price
Oil naik, “now kerja macam lembu sampai tua, gaji tak naik, yang bawah pun tak bangkit”!
fadzlizuka said,
January 4, 2008 @ 3:46 pm
it’s difficult for company especially MNC to adjust staff salary when gov reported a ‘wrong’ (or shall i said artificial) inflation rate.
most of the company, refer to national inflation rate to adjust their staff salary adjustment (regardless you perform or not). When the report is already ‘false’ or ‘half true’ then the adjustment is also ‘half true’ lor..
EddyHyip, where got engineering starting salary RM2,700.. most company give freshies 1.8- 2k…
looking at 2k figure really make me worried.. last 6 years when i start work, the rate is around that too.. now still that figure, like malaysia is ‘no-inflation’ nation. there must be something wrong there.
—————–
>>>A few months ago, I found out Petronas do pay mechanical eng rm2.5k for freshies, petroleum eng gets more. Rumour has it Petronas is DESPERATE for petroleum eng, cuz most of their scholars would run to Exxonmobil or Shell when they grad, cuz those other 2 big O&G comp pay more salary AND they pay back ALL cost while studying under Petronas scholarship.
For others, no idea, but u may be rite at that.
Geez…..life just got a bit more expensive…….gotta “change our lifestyle” then. Sigh………
alaysia Engineers Starting pay rm2700,
Malaysian petrol rm 1.9++ per litre
UK Engineer Starting pay E 3000
UK petrol E 1.6++ per litre
AUS Engineer starting pay AUSD 4000
AUS petrol AUSD 1.4++ per litre
————————————————————–
why always compare with those country?compare to asean countries la.
Besar periuk besar la keraknya
That means whatever your salary is if u spend according to ur salary than it will be not enough and no saving at all…try to live below ur salary
Try to live below ur salary? Aiya, a lot of barang is above our salary!
Sigh, so used bicycle or motorbike loh …….
@MisterBenjo
Of course have to compare to countries that are better off then us. If not how to benchmark?
If only compare to those worst off than us, we will forever NEVER improve…. which is a little what the government is doing anyway. Its very convenient for them to only take aspects that fit thier policies…..keep saying other countries petrol prices are higher, but never really show other part of the picture, our standard of living and purchasing power is also much lower.
Malaysia Boleh mah, Vision2020….12 years to developed country status. The finish line is more like 50 years ahead.
Goverment statistics are all FUBAR…our actual CPIs is much higher than that the government would want us to believe.
However, as someone that has lived overseas for over 10 years, its not all greener pastures either, someone was right to say we pay quite a lot more taxes, and insurance costs can be prohibitive. However, even with those higher costs, our purchasing power is still very good, as the currency is strong. The average entry level professional, will earn some decent clip to live a comfortable life. A normal car there would be a luxury car here.
and in actual fact, cars don;t have to cost so much in Malaysia if not for some farking ciplak mamak with a dream to show off and prove something to himself and to the world that small country can have a automobile industry. it is an noble and bold plan but too bad the implementation was never sincere as the company behaves like a farking baby that never grow up and bapak always take care of all problems and when the goings get tough, baby can always whine to bapak and bapak will immediately look for ways to ensure its survival. bapak want the people to help support the baby and everyone pay extra for cars to ensure the survival of the baby BUT the baby never appreciate the gesture and thumb his ass to the very people who have been supporting him for years by consistently making shit product, refusing to acknowledge defects and correct them and ignoring feedback and complaints from customers. and to top it off, the bapak actually have the ball to scold people for not appreciating his effort and declare that we are the best in this and the best in that, boleh this and boleh that when in reality, bapak and baby are best in ripping off his own people.