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Monday, October 06, 2008
On July 3, 2008, crude oil price shot up to US$145.85.
On May 21, 2008 it was traded at US$130.28.
On March 2008 it was traded at US$109.85.
On Jan 7, 2008 it was traded at US$97.91. On Jan 2008, motorist pays RM1.92 per litre for petrol.
Now, October 6, 2008 the crude oil price is US$90.41.
That means the price of crude oil has dropped by 38.01% since July 3.
On June 5, 2008, the government increase the price of petrol from RM1.92 to RM2.70 per litre. That’s 40.63% increase.
Now the price of petrol has been reduced to RM2.45 (since September 25, 2008) – the increase is reduced to only 27.60%.
But the crude oil has dropped 38%. In simple arithmetic, the price of petrol should be reduced by 73sen (from RM2.70), i.e. it should be RM1.97 per litre. Could the government please adjust it accordingly?
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