Fuel price is RM2.70 per liter after midnight today
UPDATED
A very nice summary by Malaysiakini.
Picture adapted from Malaysiakini
CONFIRMED
BREAKING NEWS: Petrol will be RM2.70 a litre at midnight tonight
2008/06/04
The new price of petrol is RM2.70 per litre beginning midnight tonight, it was announced a moment ago by Domestic Trade and Consumer Affairs Minister Datuk Shahrir Samad. Diesel will go up by RM1 per litre while the price for ULG 92 per litre went up by 74 sen. The 78 sen hike or 40 per cent increase for the ULG 97 petrol is still below the antiticpated RM4 per litre price projected earlier and among the cheapest in Asia
Abdullah also announced a new tariff structure for electricity supply in Peninsula Malaysia beginning July 1.
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Just back from lunch and learned this breaking news from Malaysiakini.
Fuel hike: 78 sen more to RM2.70 per litre
Jun 4, 08 4:55pm
The government has just announced that petrol price to go up by 78 sen at midnight - a 40.6 percent jump from RM1.92 per litre to RM2.70.The price of diesel will go up 92 sen, or 58.2 percent - from RM1.58 per litre to RM2.50.
The price hikes are among government measures to cut the spiralling bill for oil subsidies, which is expected to amount to RM56 billion this year.To offset the fuel price increase, the government is to offer rebates to motorists.
Under the scheme, vehicles below 2000cc will receive a RM625 rebate annually - to compensate for 800 litres of fuel used under the new price.
Motorcyclists will be given a rebate of RM120. The money will be paid by postal order.
Rebate will be paid when motorists renew the road-tax for their vehicles.
The government is expected to save RM4 billion under this new subsidy restructure.
If petrol is to be sold at full market prices, it could be as high as almost RM4 a litre - about 100 percent above current levels.
However the government is slowly expected to head towards totally abolishing the fuel subsidy.
The official statement not yet be announced by Prime Minister. 78 sen is a lot in 3 month time, if it is true.
Okay, now the price is official. The next wave of price increasing of goods is expected, how about those low income families? The country is poorly managed, where the tax money goes?
How those money can be reached to ordinary people like you and me? Another question we need to think about it?
TechTags Plugin [ petrol | fuel | price | hike ]
June 4th, 2008 at 12:47 pm
What?! WTF?! What the…. 78 cents of increment? what the… That would be more than early expected of 20% increment. This is way too scary! At first I was tot of 40 cents will kill me for sure, 78 cents can head shot me already! That will be RM108 for a 40 litre tank….
June 4th, 2008 at 1:07 pm
This is truly disappointing
We need a transparent disclosure of petronas’s revenue and how they spend it!!!!!! The people didn’t gain better public transport infrastructure but more tolls were built, price hiked in toll fees, poorly planned connections for all public transports include LRT, commuter train and public bus. The country is poorly managed.
June 4th, 2008 at 4:51 pm
[...] Fuel price is RM2.70 per liter after midnight today [...]
June 4th, 2008 at 4:59 pm
Petrol and TNB price increase. Bad news come in threes. Starting July 1st, if you own credit card and don’t pay in full, be prepared to lose your 20-day free interest period! Life’s gonna be tough for Malaysians in the coming months…
June 4th, 2008 at 5:28 pm
[...] « Fuel price is RM2.70 per liter after midnight today [...]
June 4th, 2008 at 7:43 pm
FUEL HIKE IS OK IF THERE IS NO MORE DUTIES OR TAXES ON CARS. JUST IMAGINE HOW MUCH YOU PAY FOR YOUR CAR LOAN AND THE INTEREST. CHEAPER CARS, LOWER INTEREST PAID COS AMOUNT OF LOAN IS LESS. JUST CALCULATE HOW MUCH MONEY U CAN SAVE FROM THE LOAN INTEREST YOU PAID !!!!!!IT WILL BE MORE THAN ENOUGH TO COVER THE FUEL HIKE.
June 5th, 2008 at 7:41 am
[...] Fuel price is RM2.70 per liter after midnight today [...]