A gift to all Malaysians not even before 100 days BN retains their rulings in Malaysia.
Petrol, Diesel Prices To Increase At Midnight Tonight
PUTRAJAYA, June 4 (Bernama) — Petrol and diesel prices will go up by 78 sen and RM1 per litre respectively at midnight tonight, Datuk Seri Abdullah Ahmad Badawi announced Wednesday.
The prime minister said the new price for petrol at the pump would be RM2.70 per litre and diesel, RM2.58 per litre.
Abdullah told a news conference at his office the Cabinet had agreed on a cash rebate for Malaysian owners of private cars and motorcycles to ease the burden of the rise in the fuel prices.
“A cash rebate of RM625 per year will be given to owners of private cars of engine capacity of up to 2,000 cc and pick-up trucks and jeeps of up to 2,500 cc.
“Owners of private motorcycles of engine capacity of up to 250 cc will be paid a cash rebate of RM150 per year,” he said.
The prime minister said the cash rebate would be given to the owners of the cars and motorcycles when they paid or renewed their road tax.
He said the cash rebate would cover cars and motorcycles for which the road tax was renewable between April 1 2008 and March 31 2009.
The prime minister said the cash rebate would be given in the form of money order at post offices nationwide beginning July 1 2008.
The increase in prices announced Wednesday is the highest ever. On Feb 28 2006, the prices of petrol and diesel went up by 30 sen, with petrol costing RM1.92 per litre and diesel RM1.58 per litre.
The announcement Wednesday is part of the government’s new fuel subsidy scheme mechanism which seeks to reduce the fuel subsidy amounting to an annual RM53 billion.
The government’s move to float the fuel price in accordance with the global market price still makes Malaysia one of the countries with low prices for fuel in this region.
The new prices of petrol and diesel are far lower than the RM5.20 and RM4.22 for the fuels, respectively, in Singapore which has floated the prices as well.
The prime minister said the Cabinet had decided that the owners of cars and motorcycles excluded from the cash-rebate category would have their vehicle road tax reduced according to the following rate effective June 1 2008:
* Owners of private petrol and diesel vehicles with engine capacity of more than 2,000 cc will have the road tax reduced by RM200.
* Owners of private motorcycles of engine capacity of more than 250 cc will have the road tax reduced by RM50, subject to a minimum road tax of RM2.
Abdullah also said that there would be no change in the prices of liquefied petroleum gas (LPG) and natural gas for vehicles (NGV), with LPG at RM1.75 per kg and NGV at 63.5 sen per litre.
He also announced the streamlining of the diesel subsidy for approved transportation companies, vessel transportation companies and fishermen.
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[...] Malaysian fuel prices were raised by a whopping 41%, to RM2.70 a litre on the stroke of midnight, the 4th of June 08. This is going to (actually it already has) unleash a tsunami of price increases across the board. Malaysians now have to tighten their belts and it’s not going to be easy to tighten one’s belt by at least 20% overnight! [...]