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Petronas urges public not to join e-mail campaign
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KUALA LUMPUR: Petronas has urged the public not to join an e-mail campaign to boycott its products because it will not affect fuel prices.

Its president and chief executive officer Tan Sri Mohd Hassan Marican said Petronas was not the largest retailer of fuel in the country as it only has about 800 stations nationwide.

“Any form of boycott will only hurt the station owners, the small and medium-seized enterprises that supply the stations with their products and the shareholders of Petronas Dagangan – many of whom are pensioners,” he said in an interview.

Petronas stations account for about 30% of fuel sold in the country. The largest retail station owner is Shell with over 1,200 stations.


An e-mail has been circulating calling on the public to boycott Petronas stations and its products. The e-mail claimed that a similar boycott was carried out in the United States against another petroleum company and it succeeded in forcing the company to reduce its prices...


Hassan said that Petronas had no say over fuel prices as they were determined by the Government.

He said Petronas as a corporation would not be unduly affected by such a boycott as Petronas Dagangan accounted for less than 5% of its revenue.

Hassan also said the country had to import 80,000 barrels of petrol every day because the refineries in the country did not produce enough.

“We are an exporter of diesel and jet fuel because of the composition of the Tapis sweet light crude that we produce. Any boycott will only benefit the foreign oil companies who operate here.”

It is learnt that some foreign oil companies own the stations directly from overseas even though they have local units here.

Asked why Petronas was not making more money now that the Government had increased the pump prices, Hassan said oil companies always sells fuel at market rate and it was the Government that paid the subsidies to these firms.

“Our profits remain the same and we do not benefit from any increase or reduction of fuel prices.”

star

Posted on: 2008/6/17 21:41
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Re: Petronas urges public not to join e-mail campaign
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excuse me?
isn't petronas wholly owned by the GOVERNMENT?!
and now who's the one who has had increased our fuel price?

Posted on: 2008/6/17 21:48
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Re: Petronas urges public not to join e-mail campaign
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That's bullsh*t....we all know the government owned Petronas.We should rejoice because oil prices in world goes up.Instead,we suffered from the oil price hike as well.Can be clearly seen that the government swallow all the profits made by Petronas.

Posted on: 2008/6/17 22:11
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Re: Petronas urges public not to join e-mail campaign
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what are they afraid of? it's just a SPAM mail, usually nobody take seriously the spam mail. BUT why they react like this, I would normally buy from Petronas, but by issuing this statement seems like they have some secret agenda...

Posted on: 2008/6/17 22:46
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Re: Petronas urges public not to join e-mail campaign
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Yea, by publishing this statement proves that they needed to be boycott lol They earned so much from exporting to foreign countries but where did the $$$ go? Didn't even use it to subsidize our fuel. Instead they try to push this to Shell if I'm not mistaken? o.O
So many excuses from the government..

Posted on: 2008/6/17 23:37
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Re: Petronas urges public not to join e-mail campaign
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'Wipe out' petronas via internet ei? Whoever's idea this was is brilliant. I believe pressure from the change of subsidy is imminent. Let it "grow"!!!!

Posted on: 2008/6/17 23:48
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Re: Petronas urges public not to join e-mail campaign
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@bytez : I helped in "growing" them lol Doing the campaign thru the internet is the best, that's what DAP did to influence the younger generations ^^ But too bad couldn't reach the rural areas :P

Posted on: 2008/6/18 0:03
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Re: Petronas urges public not to join e-mail campaign
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Quote:

webbie wrote:
KUALA LUMPUR: Petronas has urged the public not to join an e-mail campaign to boycott its products because it will not affect fuel prices.

Asked why Petronas was not making more money now that the Government had increased the pump prices, Hassan said oil companies always sells fuel at market rate and it was the Government that paid the subsidies to these firms.

“Our profits remain the same and we do not benefit from any increase or reduction of fuel prices.”


By announcing such..petronas infact made more people aware of the boycott plan. From just people with emails now it has been made aware to the general population thru mass media...so I think in fact the management of petronas made a blunder here.

Subsidies by government work this way :

Lets make the following presumptions:
A. Market price of petrol = 10
B. Price of petrol in Malaysia = 6
C. Government Subsidy = A - B = 4

So, for every litre of petrol pump into a car:
1. Petronas received 10
2. Consumer paid 6
4. Government paid 4

Say that government decided to cut subsidy by 1 point, what happened next is:

For every litre of petrol pump into a car:
1. Petronas received 10 (no change)
2. Consumer paid 7
4. Government paid 3

So, in term of income from subsidy change yes it is true what petronas said that “Our profits remain the same and we do not benefit from any increase or reduction of fuel prices.”

BUT they forgot to say that, for every cents of oil price increase in the world market, Petronas makes and additional cent profit.

Here is how it works:

Previous condition(X):
A. Market price of petrol = 9
B. Price of petrol in Malaysia = 6
C. Government Subsidy = A - B = 3

Condition where world oil increase, Malaysian oil stay (Y):
A. Market price of petrol = 10
B. Price of petrol in Malaysia = 6
C. Government Subsidy = A - B = 4

Condition where world oil increase, Malaysian oil increase (Z):
A. Market price of petrol = 10
B. Price of petrol in Malaysia = 7
C. Government Subsidy = A - B = 3

@X :
Petronas
Malaysian
Government

@Y:
Petronas
Malaysian
Government

@Z:
Petronas
Malaysian
Government

Posted on: 2008/6/18 9:59

Edited by Downsouth on 2008/6/18 10:45:45
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Re: Petronas urges public not to join e-mail campaign
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Petronas was trying to say .... "don't join email campaign to boycott our gas-stations, but you sure can join the other campaign to boycott SHELL"!!

Posted on: 2008/6/18 10:51
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Re: Petronas urges public not to join e-mail campaign
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This is what I got from my uncle's forward mail. Read it with open heart.

Quote:



WHAT IS NEVER MENTIONED IN Mainstream Media like NST/TheStar/Utusan/BH arethese facts....

Malaysian PerCapita Income USD 5000
VS
Singaporean PerCapita Income USD 25000

Further The Star made a comparison of prices in Thailand , Singapore andIndonesia .




For Thailand it is quoted at RM3.90/liter, however are they aware that inThailand new cars are cheaper than Malaysia by RM10,000? They pay only one lifetime for their driving license? No renewal fee after that? Also that goes forroad tax as well? And do TheStar also aware that you can drive all the way fromHadtyai to Bangkok on a six lane highway without paying any Tolls ??!!

Whereas here in Malaysia you have to pay yearly renewal for road tax , drivinglicense and TOLLS, TOLLS, TOLLS!!!

For Singapore how can you quote RM 5.20 ? Please quote in Singapore Dollars because they are earning in Sing Dollars. You might as well say Europeans are paying RM10/liter. RM5.20/liter = Sing $ 2.20/liter, still cheaper thanMalaysia in view of fact that Singapore is not a crude oil exporter. Are yousaying that you fill up petrol in Singapore by paying Ringgit?

In economy, dollar to dollar must be compared as apple to apple. Not comparinglike durian in M'sia is much cheaper than durian in Japan!! Of course-lah,Japan is not durian producer!!! Comparing Malaysian durian with Thailand durianmake more sense!!

For Indonesia we might say is cheaper there at RM2.07/liter but compare that totheir level of income!


Now, let us compare the price with OIL PRODUCING countries:

UAE - RM1.19/litre
Eygpt - RM1.03/litre
Bahrain - RM0.87/litre
Qatar - RM0.68/litre
Kuwait - RM0.67/litre
Saudi Arabia - RM0.38/litre
Iran - RM0.35/litre
Nigeria - RM0.32/litre
Turkmenistan - RM0.25/litre
Venezuela - RM0.16/litre
MALAYSIA - RM2.70/litre


RM 2.70!!! Individual perspective:

As of last month a Toyota Vios would 'cause a damage' of about RM 89,000.
In the international market, a Toyota Vios is about USD 19,000
USD 19,000 = RM 62,700 (using the indicative rates of USD 1 = RM 3.30)
That makes Malaysian Vios owners pay an extra RM 26,300.

This RM 26,300 should be cost of operations, profit and tax because the transportation costs have been factored in to the USD 19,000.

RM 26,300/ RM625 petrol rebate per year translates to a Vios being used for 42.08 years.

I do understand that the RM 625 is a rebate given by the government, but it also means that one has to use the Vios for 42.08 years just to make back the amount paid in taxes for the usage of a foreign car. Would anyone use any kind of car for that long?

Now with these numbers in front of us, does the subsidy sound like a subsidy or does it sound like a penalty? This just seems to be a heavy increment in our daily cost of living as we are not only charged with high car taxes but also with a drastic increase in fuel price.

With all the numbers listed out, I urge all Malaysians to join me in analyzing the situation further.

Car taxation is government profit, fuel sales is Petronas' (GLC) profit which also translates into government profit. The government may ridicule us Malaysians by saying look at the world market and fuel price world wide. Please, we are Malaysians, we fought of the British, had a international port in the early centuries (Malacca), home to a racially mixed nation and WE ARE NOT STUPID!!!

We know the international rates are above the USD 130/barrel. We understand the fact that the fuel prices are increasing worldwide and we also know that major scientist are still contradicting on why this phenomenon is happening. Some blame Bush and his plunders around the world and some blame climate change and there are others which say petroleum 'wells' are getting scarce.

Again we go back to numbers to be more straight fwd

1 barrel = 159 liters x RM2.70/liter = RM 429 or USD 134

On 1 hand, we are paying the full cost of 1 barrel of crude oil with RM2.70 per liter but on the other hand the crude oil only produces 46% of fuel.

Msia sells crude oil per barrel at USD130 buys back Fuel per barrel at USD134. And not forgetting, every barrel of fuel is produced with 2 barrels of crude oil.

1 barrel crude oil = produce 46% fuel (or half of crude oil), therefore
2 barrel crude oil = approximately 1 barrel fuel
In other words, each time we sell 2 barrels of crude oil, equivalently we will buy back 1 barrel of fuel.

Financially,
Malaysia sell 2 barrel crude oil @ USD 130/barrel = USD 260 = RM 858
then, Malaysia will buy back fuel @ USD 134/barrel = RM 442/barrel
Thus, Malaysia earn net extra USD 126 = RM 416 for each 2 barrel of crude sold/exported vs imported 1 barrel of fuel !!!
(USD 260-134 = USD 126 = RM416)

So where this extra USD 126/barrel income is channeled to by Malaysian Govt?????????

Another analysis:

1 barrel crude oil = 159 liters.
46-47% of a barrel of crude oil = fuel that we use in our vehicles.
46% of 159 = 73.14 liters.
@ RM 2.70/liter x 73.14 liter = RM197.48 of fuel per barrel of crude oil. This is only 46% of the barrel, mind you. Using RM 3.30 = USD 1, we get that a barrel of crude oil produces USD 59.84 worth of petrol fuel (46% of 1barrel).
USD 59.84 of USD 130/barrel turns out to be 46% of a barrel as well.

Another 54% = bitumen, kerosene, and natural gases and so many more.
And this makes a balance of USD 70.16 that has not been accounted for.

So this is where I got curious. Where is the subsidy if we are paying 46% of the price of a barrel of crude oil when the production of petrol/barrel of crude oil is still only 46%?

In actual fact, we still pay for this as they are charged in the forms of fuel surcharge by airlines and road taxes for the building of road (because they use the tar/bitumen) and many more excuse charging us but let us just leave all that out of our calculations.

As far as I know, only the politicians who live in Putrajaya and come for their Parliament meetings in Kuala Lumpur (approximately 60+ km) are the ones to gain as they claim their fuel and toll charges from the money of the RAKYAT's TAX.

It is so disappointing to see this happen time and time again to the Malaysian public, where they are deceived by the propaganda held by the politicians and the controls they have over the press.

Which stupid idiot economist equates rebates for rich or poor with the cc of the vehicles? An average office clerk may own a second hand 1300cc proton Iswara costing $7,000 (rebate = $625) while the Datuk's children can own a fleet of 10 new cars of BMW, Audi and Volvo all less than 2000cc costing $2 millions and get a total rebate of $625 x 10 = $6,250! Wow what kind of economists we are keeping in Malaysia...wonder which phD certificate that they bought from...

Misleading concept of Subsidy:

The word "subsidy" has been brandished by the BN government as if it has so generously helped the rakyat and in doing so incurred losses. This simple example will help to explain the fallacy:

Example:
Ahmad is a fisherman. He sells a fish to you at $10 which is below the market value of $15. Let's assume that he caught the fish from the abundance of the sea at little or no cost. Ahmad claims that since the market value of the fish is $15 and he sold you the fish for $10, he had subsidised you $5 and therefore made a loss of $5.

Question : Did Ahmad actually make a profit of $10 or loss of $5 which he claimed is the subsidy?

Answer:
Ahmad makes a profit of $10 which is the difference of the selling price ($10) minus the cost price ($0 since the fish was caught from the abundance of the sea). There is no subsidy as claimed by Ahmad.


The BN government claims that it is a subsidy because the oil is kept and treated as somebody else's property (you know who). By right, the oil belongs to all citizens of the country and the government is a trustee for the citizens. So as in the above simple example, the BN government cannot claim that it has subsidised the citizen!


Posted on: 2008/6/18 11:08
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