Double Bad News For Malaysians

Posted by : foongpc | Wednesday, June 4, 2008 | Published in

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GOING UP, UP ... and UP!

I'm not referring to the number of hits my blog received, nor the amount of income I'm getting, nor the direction of the stock market. Neither am I referring to Mariah Carey's voice hitting the glass shattering octaves.

Nope, I'm talking about the price of petrol, or fuel or gas, whatever you want to call it. It's going up like nobody's business.

Just yesterday, it was announced that the Government will allow market prices to determine petrol prices after introducing a new subsidy scheme for the lower income groups in August. (I wonder if I qualify for the lower income group subsidy - I have a heavy feeling that I don't)

I really don't know how they are going to do it, the Government I mean. Imagine we are now paying RM1.92 per litre and come August, we will be paying over RM5 per litre! Are they insane?

And the real trouble here is not whether I should continue to drive or at least cut down on travelling (which I can assure you it's impossible) BUT whether I can survive when the price of everything else (and I mean everything else) rises in tandem with the petrol price.

The way I see it, things are going to get real tough. Perhaps the Government should increase the petrol price gradually. Otherwise, we will see a dramatic rise in unemployment, and robberies.

(Note: At the time of writing, I received this latest news - petrol price increase to RM2.70 per litre at midnight tonight!)

In the meantime, more bad news coming our way. From what I heard, Bank Negara will be introducing the new Tiered Pricing Structure for credit card holders on 1st July 2008.

Under this new structure, the 20-days interest free period will no longer be enjoyed by credit card holders who don’t make the full payment on their credit card bills.

Yes, you read that right.

If you only pay partial or minimum payment, interest will be charged on the day the new purchases are posted on the card accounts.

For example, if your last month’s card account shows an outstanding balance of RM2,000 and you can only afford to pay RM1,500, then sorry to say any purchases you make this month with your credit card will be charged interest starting from the date of your account statement. No 20-day interest free period for you!

Sometimes I wonder if Bank Negara is helping us or actually helping the banks make more money. With only one-third of cardholders in this country settling their credit card amount in full every month, it is easy to see how profitable this new price structure will be to the banks.

Coupled with the increase in petrol prices, Malaysians are in for a really tough ride. Best of Luck, everyone!

(10) Comments

  1. SM.STOME said...

    Agreed with you. I was wondering why our PM announce the fuel price up to the unreasonable price from RM1.92 to RM2.70...

    I always drive long distance...But now, I think I have to cut some of my expenses...

    June 5, 2008 at 12:43 AM
  2. moo_t said...

    WTF!

    Bank only transact the credit card payment to the retailer only few day AFTER. That's mean bank are the all time winner here.

    If I overspent due to work, can I claim the company for the interest charges? KNNCCB Badawi!

    June 5, 2008 at 2:03 AM
  3. 123 said...

    too good for a very first blog... well, it's still not as cheap hee in italy which is seven RM and in Philippines, 3.50 - 4 RM... you are still lucky guys but yeah, it is shocking!

    June 5, 2008 at 9:25 AM
  4. Freezine said...

    Even in the Philippines fuel and gas prices are always rising... What makes it worst is that prices of basic commodities goes up with every fuel price increase.

    June 5, 2008 at 1:21 PM
  5. Bengbeng said...

    difficult times r ahead for all of us :(

    June 5, 2008 at 9:15 PM
  6. SM.STOME said...

    Hi all,

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    If you are thinking of save some money on fuel, you rather build your car running on water...Not kidding...is true... You can get a FREE information from
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    Enjoy it...

    June 6, 2008 at 1:24 AM
  7. foongpc said...

    123, our petrol price is still cheaper than many countries but it may no longer be so in August when we will have to pay market rate.

    June 6, 2008 at 3:10 PM
  8. foongpc said...

    sm.stone, seriously? I think the oil companies will go all out to stop this new technology!

    moo_t, you are right, the banks always win. Bank Negara doesn't care about us!

    freezine, yes when petrol price goes up, everything else goes up. It's a chain reaction of the worst kind!

    beng beng, just wondering why we are an oil producing country and yet petrol price still need to increase. Don't make sense to me.

    June 8, 2008 at 12:29 AM
  9. Caroline Ng May Ling said...

    hahaha! ntg to do with me. :P guess cz money for petrol not my money. :P
    thats why i dnt really bother about this. well even its getting expensive, people still driving and travel leh..

    March 30, 2010 at 1:56 PM
  10. 宮保雞丁Alex said... May 24, 2010 at 7:24 PM