Petrol Price Revised (Should Have Been RM2.31)~ malaysiakini

September 25, 2008

Well, the government today announced a 10 sen reduction in petrol & diesel prices. The world oil price opened trading today at US$106.61 per barrel, though since the last price revision, it has dipped as low as US$90 per barrel.

Petrol prices cut by 10 sen
Sep 24, 08 2:08pm

The government has cut petrol and diesel prices by 10 sen to RM2.45 and RM2.40 per litre respectively effective tomorrow.

– Second cut in 2 months
– Festive cheer ahead of Raya

Oddly though, earlier this month, the Prime Minister promised a 15 sen reduction if world oil price stays below US$109 per barrel.

Turun lagi 15 sen – PM * Jika harga minyak mentah dunia di bawah AS$109 setong

PUTRAJAYA 4 Sept. – Perdana Menteri, Datuk Seri Abdullah Ahmad Badawi berkata, harga runcit minyak petrol dan diesel mungkin diturunkan lagi sebanyak 15 sen daripada harga semasa, jika harga minyak mentah dunia stabil di bawah paras AS$109 setong sehingga akhir tahun ini.

Beliau berkata, di bawah formula pengiraan subsidi bahan api, semakan semula harga runcit petrol dan diesel akan dilakukan pada 1 Oktober ini atau pertengahan bulan tersebut.

“Harga minyak dunia turun dan naik. Kalau ia kekal AS$109 sehingga penghujung tahun ini, sudah tentu saya akan berasa amat gembira untuk mengumumkan penurunan sebanyak 15 sen daripada apa yang ada sekarang.

“Sama-samalah kita berdoa supaya (minyak dunia) tidak naik, kalau boleh biar turun lagi,” katanya kepada pemberita selepas mempengerusikan Mesyuarat Majlis Kewangan Negara di sini hari ini.

According to my calculations, the government should have offered a 24 sen reduction. [ Refer : Are We Getting The RM0.30 Subsidy ? ]

The world oil price for today is US$106.61 per barrel.

1 crude oil barrel is equals to 159 liter, so :
US$106.61 / 159 = US$0.6705 per liter

The exchange rate is currently at RM3.4225 per US$1.00, so :
US$0.6705 x 3.4225 = RM2.2948 per liter

Add RM0.32 per liter for refining, taxes & other costs :
RM2.2948 + RM0.32 = RM2.6148 per liter

Minus RM0.30 per liter for fuel subsidy :
RM2.6148 – RM0.30 = RM2.3148 per liter


Letter To PM

September 18, 2008

This is Pakatan Rakyat’s official letter to the Prime Minister. In Datuk Seri Anwar’s press conference yesterday, he said : “We can’t very well say we want to topple you.”

Maybe the letter should have been more blunt instead and mentioned “We have to meet. I’m taking over the premiership by this week.” HAHAHA

Is Anwar The Culprit of Malaysia’s Economy Slump ? ~ malaysiakini

September 18, 2008

Yesterday, Prime Minister Datuk Seri Abdullah Ahmad took a swipe at Opposition leader Datuk Seri Anwar Ibrahim, pronouncing him a threat to Malaysia’s economy. The big question is, how is Anwar able to condemn Malaysia’s economy while it is Abdullah who holds Malaysia’s Finance Ministry ?

Was it Anwar who increased the price of petrol & diesel in June 2008 ?
Was it Anwar who let the price of goods inflate due the increasing costs ?
Was it Anwar who let the inflation rate rise ?
Was it Anwar who increased public-sector spending through the years ?
Was it Anwar who expanded the national debt ?
Was it Anwar who let all this happen due to flip-flop decisions ?

Please read the article below, which summarizes Abdullah’s economic prowess.

Taken from

Pak Lah’s Economic Reckoning

SEPT 18 | Opposition leader Datuk Seri Anwar Ibrahim announced this week that he has enough parliamentary support to unseat the current government, led by Prime Minister Datuk Seri Abdullah Ahmad Badawi. If he does, Abdullah’s lacklustre economic management will be largely to blame.

The prime minister has not introduced any substantive reforms during his nearly five years in office, preferring to rely instead on opening up the government purse. Under the Ninth Malaysia Plan announced in 2005, he expanded public-sector spending to RM200 billion annually from RM160 billion. In his Midterm Plan Review this year, he increased this outlay to RM240 billion. The national debt now stands at RM285 billion, up from RM192 billion in 2004. The official fiscal deficit has risen to 4.8% of GDP this year, from 3.2% last year. Revenue is being spent faster than it is coming in.

It’s hard to argue that these outlays have served the broad public interest. Much of the funding has been channelled to elites in the majority Malay community, under the country’s pro-Malay affirmation action programme. That has created discontent with many Malay who don’t see the full benefits of the programme, and among the minority Chinese and Indians, who are excluded from it altogether.

Abdullah’s stewardship has had a real impact on the economy. Capital flight has risen sharply; Malaysian investment abroad now exceeds inward foreign investment. The Kuala Lumpur stock exchange has lost almost one-fifth of its value this year to date. Malaysia’s currency, the ringgit, saw its biggest one-month loss last month since the end of the dollar peg in 2005. Although GDP growth has averaged a robust 5% annual growth under Abdullah, that record is now under threat. Inflation reached a record 8.5% this summer. Job creation has reached record lows, as unemployment, particularly among young majority Malays, remains high. Ironically, only the opposition-led state governments are attracting new foreign investment and without the federal government’s help, no less.

Abdullah’s 2004 attempts to promote growth and investment such as through the promotion of the biotechnology and agricultural industries have failed. He also fumbled discussions with the United States on a free trade agreement, which have now stalled. What Malaysia really needs is education reform and the liberalisation of its labour markets to improve its economic competitiveness.

The political opposition, in the form of Anwar and his Pakatan Rakyat coalition, have seized on these issues. They have promised to root out corruption and to implement a new economic policy to address the concerns of all ethnic communities in Malaysia. Their platform aims to move beyond populist spending to introduce structural reforms in government procurement programmes and in the management of government-linked companies.

When Abdullah assumed office in 2004, he inherited an economy in need of structural reform. Malaysians have had to pay for his poor stewardship through higher prices, stagnating wages and growing private sector debt. Soon, Abdullah may have to pay the political price for that record. Wall Street Journal Asia.

At the same press conference, Abdullah passes his finance portfolio to his deputy Datuk Seri Najib Abdul Razak as Finance Minister, while he takes over as defence minister. Though this is seen as a step towards handing over of the premiership to Najib, some might say that this is just an entrapment to highlight Najib’s in-experience in handling the economy.

916 : A New Dawn For Malaysia ~ malaysiakini

September 16, 2008

Today Dato’ Seri Anwar Ibrahim has promised to deliver a new dawn to all Malaysian who yearned for a better Malaysia. In the morning, he will try to arrange a meeting with Prime Minister, Dato’ Seri Abdullah Ahmad Badawi.

From what I’ve heard, he will discuss a smooth & peaceful hand-over of the government. Anwar will hand to the Prime Minister a list of the BN MP’s who have given their support for a change of government. Not just from Sabah & Sarawak, but also including some MP’s from the peninsular. Word is some Ministers have also given their consent. With the publishing of the list, the Prime Minister should gracefully accept his fate & make an announcement of the news.

In the afternoon, there will be a press conference from the Pakatan Rakyat.

This is from the rally at Kelana Jaya just now.

Anwar: We’re ready to form new gov’t
Sep 15, 08 10:10pm

Opposition Leader Anwar Ibrahim told a 20,000-strong rally that he had the numbers to form a new government tomorrow and wants to meet with Prime Minister Abdullah Ahmad Badawi to discuss a handover.

“Tonight on the eve of Malaysia Day, we are ready to form the government tomorrow,” he said to loud cheers from the jubilant crowd.

“We have the numbers to defeat BN,” he said. “Tomorrow is D-day, we are ready to form the government.”

According to him, Pakatan Rakyat has submitted a letter to Prime Minister Abdullah Ahmad Badawi today seeking a meeting for a smooth transition of power.

“Tomorrow, we are ready. But the best time, I tell you, is when we have met the prime minister. A peaceful transition is paramount,” he added, indicating that there will be no change of government tomorrow as he had promised earlier.

The opposition leader also did not provide more information on how many MPs Pakatan has in the bag and the number of government defectors.

Anwar will need at least 31 defectors from BN and perhaps over 40 for a stable Pakatan government.

“I believe that the government will fall in the next few weeks,” he told journalists after the rally.

The massive crowd had earlier gathered at the Kelana Jaya stadium in Petaling Jaya to celebrate Pakatan’s ‘Hari Malaysia’ celebration.

ISA dragnet slammed

Anwar, who began his 45-minute speech at 10.45pm, also emphasised the importance of Sabah and Sarawak to Malaysia.

He also criticised the ruling Barisan Nasional for pursuing a divide-and-rule agenda at the expense of the two east Malaysian states.

“This is the first time ever a celebration of this scale is being held to recognise that we are one – that Sabah and Sarawak are part of Malaysia,” Anwar told the crowd.

He added that he would declare Sept 16 a national holiday when he takes over the government.

Anwar also slammed the Abdullah-led government of practising racial politics, which he said led to the ISA arrests of three people.

He urged the majority Malays not to be swayed by BN policies.

“The Ketuanan Melayu (Malay supremacy) benefitted only the rich and elite Malays, not you,” he said.

Most of those in the crowd are there in the belief that PKR leader Anwar would make an important announcement tonight on the formation of a new government, which Anwar has repeatedly claimed he would do by tomorrow.

High expectation

Earlier Anwar entered the venue at 9.40pm to wild chants of ‘Reformasi!’ and ‘Merdeka’.

Many Pakatan leaders were already at the venue, most of them also believing that Anwar would make an important announcement at the rally.

Penang Chief Minister and DAP secretary-general Lim Guan Eng, when asked if there would be a surprise announcement, merely said: “Wait for Anwar”.

Guan Eng and DAP veteran Lim Kit Siang had earlier entered the stadium to loud cheers.

Many people on the ground whom Malaysiakini spoke to also expressed confidence of an impending change.

“He may reveal the first batch of defectors and maybe on how they will approach the king.

“I think they will wrap it up and form a new government by the end of this month,” said retiree G Maniam.

‘I am surprised at how fast things are changing,” said another Pakatan supporter at the stadium, Anthony Tong.

The 52-year-old accountant from Cheras said that he would not be disappointed even if Anwar managed to seize power by the end of this year.


Report from the field :

Malaysia’s Budget For 2009

August 30, 2008

Malaysia’s Prime Minister and Finance Minister, Datuk Seri Abdullah Ahmad Badawi delivered a 90-minute 2009 Budget speech at the Parliament today.

Some points that I could remember :

  1. waiver for electricity usage below RM20 per household
  2. 1 month bonus for civil servants
  3. nearly 1 billion allocated for the people of Sabah & Sarawak … is this daylight bribery or not ?
  4. more money for the transportation sector, espescially for rail transport … hmm, isn’t Scomi in the railway/monorail business nowadays ?
  5. budget for development under the PM’s office has been quadrupled … smells fishy here

Budget 2009: Salient points
Aug 29, 08 4:32pm

The following are the salient points in Prime Minister Abdullah Ahmad Badawi’s 90-minute 2009 Budget speech. The 2009 Budget is Abdullah’s fifth since taking over as prime minister from Dr Mahathir Mohamad in October 2003.

Gov’t to spend record RM208 bil for 2009

The total expenditure was set at RM207.9 billion for 2009 compared to RM176.9 in 2008.

Of this amount, RM154.2 billion is for operating expenditure, while RM53.7 billion is for development expenditure.

In 2008, the operating expenditure was RM128.8 billion and RM48.1 billion for development expenditure.
– Additional income tax rebates
– Free electricity for the poor
– 3-sen hike in cigarette taxes

Download the full text here (in Bahasa Malaysia)

For information regarding Malaysia’s budget for the previous 5 years, please check the links below.
2008 | 2007 | 2006 | 2005 | 2004

Mission : 3P

August 28, 2008

Mission : 3P has been set in motion. The 1st P, Permatang Pauh was won so convincingly on 26/08/2008. The 2nd P, Parliament was breached today, 28/8/2008. The final P, Putrajaya is expected to be conquered on 16/09/2008.

Well, that’s the promise from Datuk Seri Anwar Ibrahim so far. Will his mission be a success come 16/09/2008, which coindentally is also the 45th anniversary of Malaysia ?

Here’s the chronology of our country’s history since 08/03/2008 :

08/03 – Pakatan Rakyat won a historical 82 parliamentary seats in PRU2008 | [read it here]

19/03 – Datuk Seri Tengku Azlan Abu Bakar and Datuk Anifah Aman declines deputy minister’s post in Datuk Seri Abdullah Ahmad Badawi new cabinet line-up | [read it here]

27/03 – Datuk Ghapur Salleh tendered his resignation as Deputy Minister of Natural Resources and Environment just a week into his appointment | [read it here]

07/05 – During a parliamentary session, Datuk Anifah Aman brings up the idea of moving to a terrace house from the bungalow when space is not made available | [watch the video here]

12/05 – During a parliamentary session, Datuk Ghapur Salleh reminds that without 54 MPs from Sabah & Sarawak, BN would have been toppled in PRU2008 | [watch the video here]

31/05 – Tun Mahathir suggest 3/4 of BN MPs to leave BN | [watch the video here]

18/06 – SAPP press statement proposing a no-confidence vote against Datuk Seri Abdullah Ahmad Badawi | [watch the video here]

03/08 – Datin Paduka Dr Tan Yee Kew ( ex-Secretary of Parliament to the Ministry of International Trade & Industry ) leaves MCA to join PKR alongside 2097 MCA members| [watch the video here]

18/08 – Dr Toh Kin Woon leaves Parti Gerakan Rakyat | [read it here]

22/08 – Dr Tan Kee Kwang of Parti Gerakan Rakyat joins Pakatan Rakyat | [read it here]

26/08 – Datuk Seri Anwar Ibrahim won Permatang Pauh by a 15,671 majority | [read it here]

28/08 – Datuk Seri Anwar Ibrahim re-enters Dewan Rakyat. Coincidentally, Datuk Eric E. Majimbun from SAPP was the 1st to congratulate him| [read it here]

Are We Getting The RM0.30 Subsidy ?

August 28, 2008

In announcing the price decrease for petrol & diesel, the government mentioned that it was determined by taking into account the actual price from August 1 to 21 and the 30 sen per litre subsidy borne by the government while the subsidy for diesel, based on the new price, was 50 sen a litre.

I have my doubts, so let us do some calculation :

1st, lets check the price for crude oil. From August 1 to 19, the price for WTI Cushing Spot was between US$112.92 and US$125.03 per barrel with an average of US$116.80 per barrel.

1 crude oil barrel is equals to 159 liter, so :
US$116.80 / 159 = US$0.73 per liter

The exchange rate is currently at RM3.34 per US$1.00, so :
US$0.73 x 3.34 = RM2.42 per liter

Add RM0.32 per liter for taxes & other costs :
RM2.42 + RM0.32 = RM2.74 per liter

Minus RM0.30 per liter for fuel subsidy :
RM2.74 – RM0.30 = RM2.44 per liter

Voila ! So we should be paying only RM2.44 per liter for our petrol.