Posted by: mylittlesnow | September 2, 2008

Crude oil drops 12% but Malaysian petrol reduce 5.55% only?

Hey, it seems that the price for crude oil has dropped to around USD109. Lets say based on USD125 when gov announced the hike in petrol price to RM2.70 back then, it means that the petrol price has dropped around 12% in value. And now our gov only announced reduction of 15cents, which is equivalent to about 5.55% drop in value only? Ok, i have to admit that we have been blessed with cheap petrol prices back in the old days but then i also have to stress that we are net exporter and not net importer for petrol. So we deserve some perks or rebates ok? And now, with the price of crude oil dropping, i don’t see the gov reducing the price accordingly? Somehow i think the current system is kinda screwed up. Why not we just follow the price of crude oil and fluctuate the petrol price on daily basis as what’s being practiced in other countries? Abolish all APs for the cars, let all of us buy cars at market price and then pay the petrol at market price as well… What say you guys huh?

From msn report:

By Charley Blaine and Elizabeth Strott

Crude oil fell $6.28 to $109.18 a barrel this morning after Hurricane Gustav missed major oil production rigs in the Gulf of Mexico — and that sent stocks soaring.

Full report here.

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Responses

  1. […] Post #1- Crude oil drops 12% but Malaysian petrol reduce 5.55% only? […]

  2. only 80% of crude oil process into petrol, the another 20% will be processing cost.


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