The global oil price per barrel = USD 105 (equals to RM 360.15)
1 barrel equals to 159 litre
The value of ringgit compared to USD = RM 3.43
The price per one litre > RM 360.15/ 159 litre = RM 2.27
Government Subsidy = RM 0.30
So, the price now is supposed to be > RM 2.27- RM 0.30 = RM 1.97 (Erk,the actual price before the hike?)
*Note: I had altered the figures stated in the article, as I had just now check the current value of global oil price in Bloomberg.Com and the value of our ringgit.
Maybe the government did not want to rush and reduce it drastically due to the fluctuation, caused by the US economic crisis. But didn't they made a promise to review it monthly?
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