Petrol Malaysia

Worldwide, stock markets are experiencing downward trends. The current situation may be described as a meltdown. The following headlines could be seen in the Business section of today's The Star newspaper: Central Bank Intervention Fails To Prop Up Aussie Dollar ( link ),  Malaysia, Singapore Stocks Hammered  ( link ),  KLCI Tumbles 53pts in Early Trade  ( link ), and  Oil Prices Fall As Investors Eye Weak Demand ( link ). The Malaysian Insider reported that signs of recession were becoming apparent globally .  The US dollar is appreciating against other currencies -- perhaps with the exception of the Japanese Yen. The price of petrol, frequently traded in USD, is subsequently also dropping. At last count, the price of petrol (Brent crude) stood at USD63 per barrel. Crude oil was traded in Houston at a low of USD61.30 . In Malaysia crude oil futures were traded at USD62.39 . Subsequently, many quarters have started calling for the reduction of the price of everyday goods. CASSA, ...

In a report Petrol Price To Ride Out Oil Spike (24th Sept. 2008, Sydney Morning Herald), the following words can be found: "The regional benchmark, Malaysian Tapis oil, rose 12 per cent to $US102.12." To understand more about Malaysian Tapis Oil, I recommend reading the following article: Malaysian Tapis Blend 44 . Among the points of interest in that article are: Malaysian crude oil contains very little impurities, esp. sulphur; Petronas sells Malaysian Tapis Oil overseas and purchases cheaper crude oils, to sell in Malaysia; World Crude Oil Prices can be found here (official statistics from US Government). A press release from Esso Production Malaysia Inc., EPMI Begins Production From Tapis E Oil Platform , had the following information: The Tapis oil field was discovered in 1969 and four platforms were installed from 1977 to 1981 to develop mainly the central and eastern areas of the field. Oil production began in April 1978. Tapis E, located in 200 feet of water, is...

As of 00:00 hours on 14th October, 2008, petrol and diesel prices were further reduced. The new prices are: RON 97 @ RM2.30 per liter (reduction: 15 sen) RON 92 @ RM2.20 per liter (reduction: 10 sen) Diesel @ RM2.20 per liter (reduction: 20 sen) Petrol prices per barrel are about USD$80 per barrel. (Ref: The Edge Daily, 15-10-08: Petrol Down Another 15 Sen , by YK Gan) Penang Chief Minister, Lim Guan Eng, was quoted saying that petrol prices should be reviewed on a daily basis, rather than a monthly basis. He also called for the electricity tariffs to be reduced, given that petrol prices have gone down. (Ref: Ibid.)