I knew it from the start that the petrol price will definitely go up. It didn’t happened back then in early July but it’ll be up 10 cent effective midmight tonight.
July 30, 2005 23:26 PM
Fuel Prices Up Again, 20 Sen Hike For Diesel, 10 Sen For Petrol
KUALA LUMPUR, July 30 (Bernama) — The government Saturday announced increases in the retail price for diesel, petrol and LPG (liquefied petroleum gas) by 20 sen, 10 sen and five sen per litre effective Sunday.
The Prime Minister’s Office, in a press statement tonight, said the increase was part of government efforts to tackle the impact of the increase in the crude oil price in the world market and to check the increase in subsidy which the government had to bear.
With the latest increase, the retail price for premium petrol (RON97) in Peninsular Malaysia is now RM1.62 per litre, petrol (RON 92) RM1.58 per litre, diesel RM1.281 per litre and LPG RM1.45 per kilogram.
In Sabah and Sarawak, the new retail price for RON 97 is RM1.60 and RM1.61 per litre respectively, RON 92 RM1.58 in both states, while diesel is RM1.284 and RM1.278 per litre respectively while LPG is RM1.53 per kilogram in both states.
This is the second time the government had announced increases in the prices of petroleum products within a two-month period. The last price increase was in May.
At the same time, the government also announced a 20 sen increase in the subsidy for fishermen from 44.1 sen to 64.1 sen per litre. This means that fishermen will be able to buy subsidised diesel at around RM1.20.
This was because the government was very concerned about the burden borne by fishermen who were buying subsidised diesel at a much higher price compared to the price enjoyed by land transport operators.
According to the statement, the government had been bearing the subsidy for petroleum products which was rising. The subsidy borne in 2004 amounted to RM4.8 billion and the figure was expected to increase to RM6.63 billion by the end of the year.
The figure for this year had taken into account the increase which took effect on July 31, 2005. In addition, the government would also be bearing the burden in terms of tax exemption for the year 2005 amounting to RM7.85 billion.
This means that the overall loss burden borne by the government is RM14.48 billion.
What a total bullshit! Back in early July, they said there will be no price increase! yeahh right! One month later ma …right!?