We are being cheated again

For those of you who did not read my blog on how much money the government have already got in their pocket for not reducing the price of petrol, please read my previous blog.

Now again the government is taking the people as a fool. The current price of oil per barrel is steady around USD 110.00 going by the figure from Nymex.

Simple arithmetic again is applied where previously petrol price was RM 2.70 plus subsidy 0.30 comes to RM 3.00. At that time the price of petrol was USD 140 and now it is USD 110 which has USD 30.00 difference. This comes to a difference of 21% rounded down. Hence the current price of petrol should be RM 2.35 rounded down. Current petrol price is RM 2.55 so there is a difference of RM0.20. Yes the government is making money now not subsidizing fuel anymore.

We use 36,573,000 liters of petrol per day. So one day the government is making 36,573,000 x 0.20 = RM 7,314,600 a day. For convenience sake, make the figure RM 7.3 million. It will be 28 more days till the end of the month and assuming that the petrol price is stable the government will be making approximately RM 204.4 million.

If you were to follow my previous calculation, the government made RM100.8 million from mid August till before the petrol price was announced to be lower. Then after it is lowered, they are still making RM 2.9 million a day until yesterday. There were 11 days since then so the total is RM 31.9 million.

The the grand total on the money that the government is making is 204.4 + 100.8 + 31.9 = RM 337.1 million.

Not bad for not doing anything for 1 and a half month.

Why don't you be the judge?

I will have more to come as the calculation of the budget does not seem to be correct. (Surprised?)