Petrol price hike, again?
Thursday, June 30th, 2005 | 11:47 am @ SK
Rumours are so intense that you can’t exclude the possibility that petrol price is going to increase again.
Prime Minister Abdullah Ahmad Badawi has given a broad hint that the retail price of petrol could be revised because of the high price of crude oil. Quote:
"We have to make preparations, and if they are tough and a little terrible, we all have to be patient." […]
Earlier on June 27, Domestic Trade and Consumer Affairs Minister Mohd Shafie Apdal did not rule out the possibility of another fuel price hike, is monitoring the escalation of oil prices in the international market which had breached the US$60 per barrel mark. Quote:
"We have to wait and see (the price of oil in the world market)…the government is subsidising and this is putting (financial) pressure on the government."
He then continued by saying:
"High oil prices would obviously benefit the national oil company, Petronas, but the high revenue earned was not enough to subsidise local usage of fuel." […]
For your information, the government under pressure of escalating subsidies for petroleum products, last raised fuel prices on May 5, 2005. The price of petrol went up by 10 sen a litre and 20 sen a litre for diesel in an effort to reduce the subsidy.
The price of Petrol RON97 for Peninsular Malaysia is now RM1.52 while petrol RON92 is RM1.48. Diesel in the peninsula is at present RM1.08. The last raise in fuel prices before this increase was in March this year.
This time, the hike is inevitable. So do the long queue, I might as well be prepared to endure the traffic jam too.