Tuesday, February 19, 2008

WHAT GARBAGE!


This from our Prime Minister: (bold, my 2 cents take)

“Please trust us – we are your government. (Not for long we pray.)If you look at the economy, we are doing well. That is a fact proven by figures.(4th floor figures?)But people still claim otherwise because of increasing prices. (which will jettison after elections, unless BN is ousted).This is a very simplistic way of analysing the economy. (Simpleton's way or simplistic way?)

“Nobody is happy to see prices rising (Stop fibbing...Petronas oil barons, not happy?) but this is out of our control(so says you). The question is not how to bring down prices but how to help the rakyat cope. (with pre-election freebies ? Najib says 40,000 houses will be built....WILL BE....if BN wins?)

“Every country in the world is faced with rising oil prices except maybe Brunei (scroll down and we prove you wrong)but you cannot compare (then on what basis can we compare). The RM40bil oil subsidy we give out can be used to build better schools, roads, hospitals and infrastructure (like all your corridors ....whilst corridors of poverty fringe all states in the country) but we don’t want to burden the people,”(but you burdened us when you give "soft loans" to resuscitate failed projects by your government people) he said, adding that education and medical treatment was also heavily subsidised by the Government.(that my dear PM is the duty of any elected government....so stop bringing this up during election time!)

“We subsidise even water and electricity, yet people are angry when they hear the word ‘toll’. We try to subsidise as much as possible but we still need to impose toll charges because we need to build roads,” (why dont you put aside the OSA and reveal to us how much the concessioners are making....if you have nothing to hide.....we protest because you cannot come clean with this revelation.)

Anyway, here is some bedtime reading for the very hard working PM:

Prices of oil around the world (by litres and USD):

Norway (6.82); London (5.96); Rome (5.80); Brussels (6.16); Hong Kong (6.25); Japan(5.25); Brazil(4.42); Buenos Aires (2.03); Mexico City (2.22);Sydney (3.42); Johannesburg (3.39); New Delhi (3.71)......and here is the SHOCKER!!!!!

CARACAS (O.12)
KUWAIT (0.78)
RIYADH (0.91)

Let us do some simple calculation here. [below measurement is taken from internet metric converter, so no doubt on the figure given]
1 Barrel = 158.98756 Liters
1 Barrel = RM 217.62 (as at today, 1 barrel is USD62 & 1USD=RM3.51)
1 Liter = RM 1.36878
In Malaysia 1 Liter = RM1.92 & government call this as SUBSIDY ??? !!!!

The fact is we are subsidizing the government for RM0.55 per liter!!!!!

SHOULD ANYONE FEEL THAT THESE FIGURES ARE PLUCKED FROM THE BRIGHT MALAYSIAN SKY, I STAND CORRECTED.
BUT THE BIG QUESTION IS: WHO IS SUBSIDIZING WHOM?

19 hours ago AP reported:

Light, sweet crude for March delivery rose 40 cents to $95.90 a barrel in electronic trading on the New York Mercantile Exchange by midday in Europe.

The Nymex crude contract rose 4 cents Friday to settle at $95.50 a barrel after alternating frequently between positive and negative territory. Oil prices have risen more than $8 in little more than a week.


21 comments:

Sam Tam said...

Hi Zorro - you will need to update your figures lah. "(as at today, 1 barrel is USD62 & 1USD=RM3.51)"

We have not seen US$62 per barrel for quite a while and US$to RM is at 3.2xx today

but the general essence of your blog is correct correct correct!!

Kata Tak Nak said...

Thanks for the figures. Would definitely come in handy.

Anonymous said...

I think the unleaded petrol in the UK is about £1 per litre at present. Not sure about 5USD per litre figure in the UK you quoted.

svllee said...

Hi Zorro..just to make sure, here in the UK, 1 litre of unleaded 95RON is approx.£1.05 (about RM7.00). Whatever it is, its still WAY too high, due to UK taxes, not subsidies!

zorro said...

SAM: Thanks....I did say that if erroneous, I stand corrected.Please update for us, can?

thanks steve from UK.

team bsg said...

if you really wanna be accurate shud use cost from
1 ltr crude + production costs equal petronas cost.

then deduct from RM 1.92 a litre.

cost might be higher than 1.92 but that's beside the point ! The gomen is ripping us right left and centre and everywhere in many other ways ,

down with BN !

Nice garbage pixs !

Anonymous said...

PM POM POM POM,

corek? corek? corek!

k c Lee said...

Hi uncle, prices above should be in gallon and not liter if i am not mistaken. :)

Anonymous said...

.

ACTION SPEAKS LOUDER THAN WORDS.


The public ought to beware of these

sweet embellishments the govt. is trying to heap on them

to provide them with a momentary ecstasy for their votes.


The public must ask themselves how many times

the govt. have sweet talk them into getting their votes and then come back to screw them up real good.

TOO MANY TIMES PEOPLE!!!

Old habits die hard.
A liar is always a liar.

.

Anonymous said...

sorry zorro. me gonna use the 4 letter word. fuck off with your lies, badawi.
you raise petrol prices and more than 4 billion are taken from the pockets of the rakyat. where did it go? to bail-out the fucking PKFA which cost us RM4.7 billion against the original cost of RM1.1 billion.
who are the conspirators?
your UMNO, MCA and someone who called the police corrupt from SARAWAK who also happens to be a politician from your component party.
stop lying, UMNO!!!!!

Anonymous said...

svllee

pls do not translate pounds to ringgit to compare prices. you earn in pounds, you spend in pounds for your petrol. and how mant tolls are there in england? and how mcuh is the tax on car and whats the road tax.
if you take all that in consideration, this freaking govt is screwing the arses of the rakyat big time.
BADAWI/NAJIB wanna a debate? guess, you dont dare coz you know you are fucking lying to the people.

Purple Haze said...

I am not an oil expert but does i litre of crude equate to 1 litre of refined petroleum that we pump out at the station ?

If so, then the equation probably stands. But let's say if 1 ltre of crude translates to only half a litre at the pump, then the subsidy becomes more relevant.

Not being in the know, I stand corrected, if someone can reveal the facts.

Anonymous said...

Dear Z,

I believe your math is not correct,one barrel of crude oil does not get refined into same volume of petrol and hence crude oil price cannot be translated directly into petrol price your way. Therefore your central argument which is supported by the the derived figure of RM0.55 subsidies per liter may be flawed.

Anonymous said...

Good of you tell them off.
Since i heard that Petronas cannot be audited - where does the profits, surely only a little goes to subsidizing our fuel.
There should be Accountability.
Petronas can and should continue to subsidize the fuel, instead of maybe being distributed into BN or their cronies pockets.

mindful mariner said...

Great post Zorro.
Petrol is certainly too expensive, even at RM 1.92 per litre, in Malaysia.
I did a recent post trying to compare UK petrol prices and minimum wage with those in Malaysia, anyone interested please take a look at my blog, Cheers,

Anonymous said...

The cost of crude oil is circa USD 99.50 per barrel. USD to RM is 3.22.

So if 1 barrel is RM 320.39, that's RM 2.01 per litre/ CRUDE OIL!

What Petronas sell you Octane 97 @ RM 1.92 is processed petrol. The RM 2.01/litre does not include cost of processing, storage, distribution, sales etc.

Definitely Malaysia is subsidising retail petrol, here in Malaysia. Your simplistic analysis is very flawed!

ycg said...

Anon 12:38, and your point would be?

Anonymous said...

Petroleum Income Tax (38%)
A person who signed Petroleum Agreement with Petronas or Malaysia-Thailand Authority and carry out petroleum operation.

"Person" includes a company, a partnership or other body of person and corporate sole.

"Petroleum operations" means searching for, winning or obtaining of petroleum in Malaysia (by drilling, mining, extracting etc), all operations incidental thereto and sale or disposal of petroleum so won or obtained, transportation within Malaysia of petroleum so won or obtained to any point of sale or export but excludes transportation outside Malaysia; refining or liquefing; dealing with products so refined or liquefied; service involving the supply and used of rigs, derricks, ocean tankers and barges.

Sales Tax (5 - 10%)
Sales tax is imposed on certain imported and locally manufactured goods under the Sales Tax Act 1972. The tax rate ranges from 5 - 10% for majority of the goods except for food preparations other than alcoholic and non-alcoholic compound preparations (other than those of heading No. 33.02) used for making beverages which falls under the tariff code 2106.90.490 with a tax rate of 20%.

Sales tax is also imposed on petroleum and petroleum products according to specific rates.

Petroleum Products Cost (Subject to 38% Petroleum Income Tax?)
+ Operational Costs (Subject to company Tax of 27%?)
+ Margin for Distributors of Petroleum Products (Subject to company Tax of 27%?)
+ Commission for Owners of Petrol Stations (Subject to Company Tax of 27%?)
+ Sales Tax (5-10%)
- Subsidies (How is this subsidies coming from? From taxes above? if yes, how can this be clssified as subsidies?)
= Retail Price

www.epu.jpm.my/new%20folder/publication/Oil%20Prices%20and%20Subsidies%20-%20An%20Explanation.pdf

orisone said...

When you buy petrol in other countries, you should not convert the currencies into ours i.e RM

If you work and live in London you pay in pound sterling and vice-versa. So in Malaysia, the price of petrol is still high compare to that in London.

Let's kick out BN for cheating us.

Randy Khoo said...

If I am not mistaken 1 barrel is about 47% petrol.

Meaning 1 litre crude oil = 470ml petrol. Diesel should be around 20% - around 200ml.

Still perfectly sure though.

calculate your fuel said...

The hike already happened. What else can we do now. To calculate how much you got affected, go to: http://my.peraduan.com/news.php?item.474