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Jun 9, 2008

Fuel subsidies

jedyoong - [... ] The withdrawal of the fuel subsidy is a cruel way to pass off the government’s gross mismanagement of the national coffers to the rakyat.

After all, Prime Minister Abdullah Badawi spent 1/ US$50mil (RM163 mil in today’s exchange rates) on a private jet 2/US$8mil (RM30 mil ) on a yacht — the Cobra Sultan 3/ RM20 mil to “upgrade” the “security system” in his official residence, Sri Perdana, and 4/ how much more on the Merdeka Soiree last year?

Finance Minister II Nor Yaakob put the subsidy bill at RM18 bil but Shahrir Samad, Domestic Trade Minister, and Pak Lah put the figure at RM56 bil. In the end, the savings are just RM13.7 bil out of total revenue of about RM100+ bil.

On top of the fuel hike, electricity tariffs are also set to go up 20 per cent.

You don’t need to be an economist to work out that the prices of goods and services will also spike. Bank Negara governor, Zeti Akhtar Aziz, announced that the annual inflation will jump to 4.2 per cent, a new 10-year high. She also said that year-on-year inflation in June would be 5 per cent.... selanjutnya.


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