Archive for category Prices
Cabinet forms panel to study power deals
Posted by Kit in DAP, Energy, Prices, Razaleigh Hamzah on Sunday, 12 June 2011
The Malaysian Insider
Jun 12, 2011
KUALA LUMPUR, June 12 — Following growing calls for power purchasing agreements to be reviewed, Datuk Seri Ahmad Husni Hanadzlah today announced that a Cabinet committee has been formed to evaluate the matter.
“The committee will study various aspects (of power supply) and not just the [independent power producers] problem… among them (production) costs and (requirements for) the future because there are IPPs whose concession is due to end in 2014 and 2015,” Ahmad Husni was quoted by Bernama Online today.
The second finance minister also stressed that the committee will take a birds-eye view of subsidies and not be focussed primarily with the power deals or the producers.
“We have not been given any deadline for submitting the report, but what must be stressed here is that it will give priority to the interests of the people,” he said.
It remains to be seen if the committee will be enough to assuage lawmakers calling for a royal commission of inquiry (RCI) to probe the lopsided power deals between Tenaga Nasional Berhad (TNB) and the IPPs. Read the rest of this entry »
Asia leads the world’s recovery, but high food and fuel prices threaten gains
Posted by Kit in Economics, globalisation, Prices on Tuesday, 7 June 2011
By Noeleen Heyzer and Nagesh Kumar
June 07, 2011 | The Malaysian Insider
JUNE 7 — Asia and the Pacific, more than any other region in the world, will experience greater transformation and change in the coming years, as the region’s economic strength plays a greater role in the global economy and as its population centers struggle to overcome the burdens of poverty, hunger, natural disasters and social inequalities.
The region’s economic growth figures, recently released in the UN ESCAP Economic and Social Survey of Asia and the Pacific 2011, indicate just how powerful Asia’s economy is for the world already.
The Asia-Pacific region recovered strongly in 2010 from the global financial crisis and recession of 2008-09 with the region’s developing economies growing at 8.8 per cent. In 2011, growth in developing economies of the region is forecast to be 7.3 per cent — lower than 2010’s high growth which represented a recovery from the low base of the 2009 recession. Read the rest of this entry »
Rakyat atau Kerajaan yang perlu berjimat?
– Mohd Yusof Hadhari
The Malaysian Insider
Jun 01, 2011
1 JUN — Sekarang kita semua perlu terus sedar bahawa penjimatan kini sudah menjadi wajib. Ia patut menjadi kata kunci kepada semua orang, bukan lagi kepada yang berpendapatan rendah sahaja. Kanapa saya berkata begitu. Harga gula sudah naik, harga minyak sudah berapa kali naik. Untuk harga barang yang lain harap tidak di naikan lagi, sekurang-kurangnya tidak dirasionalisasikan dalam masa terdekat. Harga petrol Ron95, diesel dan gas masih lagi bertahan, entah sampai bila subsidinya dapat diteruskan! Kita tunggu dan lihat.
Dan mulai kemarin (1 Jun), bagi pengguna elektrik antara 301kW dan 1000kW unit, tarifnya sudah dinaikan daripada 0.1 hingga 10 peratus, atau RM0.07 kepada RM30.30. Macam biasa, tenang semua. Harga gas asli di Malaysia masih lagi murah berbanding Negara jiran meskipun dengan kenaikan itu. Menurut kerajaan, sebelum atau selepas kenaikan, setelah dirasionalisasikan, harga di Negara ini masih murah jika di bandingkan dengan Thailand sebanyak RM18.23 setiap juta unit termal British (MMBtu). Indonesia RM21.04, Singapura RM43.32 dan Vietnam RM18.70.
Kerajaan kata kenaikan dalam bekalan gas ke sektor perindustrian adalah wajar, iaitu daripada RM15 setiap MMBtu kepada RM16.07 setiap MMBtu, jika dibandingkan dengan Negara serantau seperti Thailand (RM19.46), Indonesia (RM18.74) dan Singapura (RM113.45). Apa pun, yang jelas pengguna tidak akan selesa dengan sebarang kenaikan. Read the rest of this entry »
DAP: IPP deals bleed consumers, fuel tariff hikes
Malaysiakini
May 31, 11
The DAP has hit out at the federal government for raising the electricity tariff but without first restructuring the lucrative independent power producers (IPP) sector.
Currently, IPPs are charging Tenaga Nasional Bhd (TNB) high prices despite facing relatively low production costs, DAP publicity chief Tony Pua said in a statement today.
“And the key reason for this is the unfair power purchase agreements (PPA) which result in ridiculously high levels of electricity reserve margins.
“According to TNB, our reserve margin was 54.6 percent in 2008 and 52.6 percent in 2010, which is double that of Thailand and Java, Indonesia, at 25.4 percent and 26 percent respectively.
“The net effect is TNB is forced to purchase electricity it does not need from the IPPs, resulting in inflated costs for TNB and correspondingly inflated profits for the IPPs,” Pua (right) said. Read the rest of this entry »
Economists see higher inflation from energy hikes
By Lee Wei Lian
The Malaysian Insider
May 30, 2011
Power tariffs will be increased by 7.12 per cent on average come June 1. — Reuters picKUALA LUMPUR, May 30 — Economists expect today’s price hikes in electricity and natural gas to be passed through to inflation-weary consumers, possibly pushing up the monthly consumer price index (CPI) by as much four per cent in the next few months from 3.2 per cent in April.
This follows the announcement from Putrajaya today that the electric tariff will be raised by 2.3 sen per kilowatt hour (kWh) or an average of 7.12 per cent while the price of natural gas charged by Petronas for power generation will go up by RM3.00 per mmBtu each six months until it reached market levels.
“I wouldn’t be surprised if the monthly inflation rate from June through to the third quarter approaches four per cent,” said Maybank Investment Bank chief economist Suhaimi Illias. “People also forget that effective next month, the diesel super subsidy will also be removed which will impact the cost of logistics.”
He added that there could be a risk to consumer spending from higher inflation but said that the country’s economic growth should remain intact. Read the rest of this entry »
Power rates up 7%, gas price to be floated
Kuek Ser Kuang Keng | May 30, 11
Malaysiakini
The federal government has raised electricity tariff by an average of 7.12 percent beginning June 1 as part of its subsidy reduction exercise.
The average rise is 2.23cent/kW unit, from the current average rate of 31.31 to 33.54cent/kW unit.
Natural gas prices are also set to rise by RM3 per mmBtu every six months until it reaches market levels by 2016, when its price would be fully floated.
Domestic users who use less than 300kW unit per month will not be subjected to this new electricity pricing scheme, which is multi-tiered according to usage. Read the rest of this entry »
When belts cannot be tightened anymore
Hsu Dar Ren
The Malaysian Insider
May 26, 2011
MAY 26 — I chatted with an old patient of mine after a consultation yesterday. He was probably suffering from the side effect of stress and not enough rest. I enquired about his job and he told me that he is working two jobs now; a daytime office job and part- time taxi driving at night. He had to do this to make ends meet.
So I told him what any doctor would tell his patient under these circumstances– to rest more.
Then he started to pour out his woes to me: that he has already been tightening his belt over the past few years, that he dreads to think of ways to tighten it some more, since the cost of living is creeping up and food prices are going to shoot up. He told me that there would come a point that the belt cannot be tightened anymore, and that point is fast being reached. Read the rest of this entry »
Slash graft before cutting subsidies
Posted by Kit in Corruption, Economics, Prices on Sunday, 22 May 2011
Malaysiakini
May 22, 11
‘This illegal leakage is costing the nation to bleed, thus the reason behind the need to cut subsidies for the rakyat.’
Idris presses his case on cutting subsidies
Patriot: Subsidy cuts could be kept to a minimum so as to not burden the poor people struggling hard to earn a living to take care of their numerous domestic and external expenditures if there is proper and prudent governance and the elimination of servicing the cronies’ insatiable monetary wants.
What is being very prominently reported is the increase in government expenses on subsidies would be insurmountable based on current global trends and escalations.
However, the government never informs us how much could be saved if funds are properly utilised that could be ultimately channeled into covering some of the increases in the prices of commodities and foodstuff in order not to burden the poor. Read the rest of this entry »
Opium and walking stick
Lim Sue Goan
The Malaysian Insider
May 19, 2011
MAY 19 — For the very first time, Prime Minister Datuk Seri Najib Razak described the fuel subsidy as opium. His remarks were shocking as the people have been enjoying subsidies over the past few decades and would it mean that they have taken opium for decades?
Long-term opium use would cause irreversible damage to health and even death. The Chinese used to be called “The Sick Man of East Asia” during the Qing Dynasty as opium taking was a trend at that time.
If subsidies are opium to the national economy, the country must then first go through a painful process of rehabilitation before it can recover. And whether it would succeed, it all depends on the people’s determination. Read the rest of this entry »
RON95 price to be reviewed in June
Malaysiakini
May 17, 11
Come next month, the government will review prices of all petroleum products, including the RON95 petrol, before deciding to retain them or otherwise, Domestic Trade, Cooperative and Consumerism Minister Ismail Sabri Yaakob said today.
He said the price review to be conducted by the ministry and other agencies such as the Finance Ministry and the Performance Management & Delivery Unit (Pemandu) would determine whether prices would be maintained or increased, depending on the government’s subsidies. Read the rest of this entry »
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