Dec 3, 08 3:01pm
Penang Chief Minister Lim Guan Eng has called on Prime Minister Abdullah Ahmad Badawi to reduce pump prices by another 48 cents as well as to allow a revision of petrol prices on a daily basis.
"Crude oil prices dropped to a three year low to under US$48 per barrel yesterday, compared to its peak of RM147.27 on July 11.
penang anti isa forum 150908 lim guan eng“Based on historical trends at a price of US$48 per barrel, the petrol price should be RM1.52 per liter set on May 5, 2005 and not RM1.90 as announced by the government," said Lim, who is also the Bagan MP.
In arguing his point, Lim referred to a chart published in a blog, anilnetto.com, which compared the prices of crude oil - from Oct 1, 2000 to Nov 17, 2008 - with pump prices set by the government.
The chart showed the varying prices set by the government when crude oil was as low as US$20 per barrel to US$120 per barrel when motorists had to pay a maximum of RM2.70 per liter.
Time for M’sians to enjoy savings
petrol price and global crude comparison 031208Lim said the people have the right to enjoy the significant savings of RM10 billion following Domestic Trade and Consumer Affairs Minister Shahrir Abdul Samad's announcement the government could save this much in subsidies.
"Furthermore, Petronas recorded a pre-tax profit of over RM63 billion in the six months ending Sept 30," he said.
"Malaysians are already suffering from paying high prices, such as electricity tariffs and gas prices, despite the drop in world prices.
“Hence, Abdullah should seriously consider reducing the public's burden further by reducing the price of petrol further to RM1.52 per liter to reflect the declining prices and impose a daily revision."
Yesterday, the government announced the reduction in oil prices by another 10 sen to RM1.90, the sixth price reduction since August following the govermment’s move to drastically hike pump prices to RM2.70 six months ago.
June's hike saw inflation soar, with the August price index reaching a 27-year high of 8.5 percent, also driven by the escalating cost of food and transportation.