{"id":11162,"date":"2014-12-05T12:44:44","date_gmt":"2014-12-05T04:44:44","guid":{"rendered":"http:\/\/www.therocket.com.my\/en\/?p=11162"},"modified":"2014-12-05T14:10:17","modified_gmt":"2014-12-05T06:10:17","slug":"fuel-price-dap-tells-bn-to-stop-burying-their-heads-in-the-sand","status":"publish","type":"post","link":"https:\/\/www.therocket.com.my\/en\/fuel-price-dap-tells-bn-to-stop-burying-their-heads-in-the-sand\/","title":{"rendered":"Fuel price: DAP tells BN to stop \u201cburying their heads in the sand\u201d"},"content":{"rendered":"
\"market<\/a>

“Dont bury your head in the sand!” Tapis crude oil price, like Brent, is also on the decline.<\/p><\/div>\n

DAP National Political Education Director Liew Chin Tong has asked Deputy Finance Minister Chua Tee Yong and the BN government to confront the issue of fuel prices instead of \u201cburying his head in the sand\u201d \u2013 like the flightless bird; the ostrich.<\/p>\n

Liew slammed Chua for a statement he made reported in The Star, where the latter had said that the falling global oil prices \u2018might\u2019 result in a positive impact on the country\u2019s deficit.<\/p>\n

In the past, Liew had warned that the country would suffer at least RM 650 million revenue losses for every USD $1 fall in oil prices, prompting his criticism of Chua\u2019s subsequent dismissal of the looming fiscal crunch and a potential economic crisis.<\/p>\n

\u201cI am shocked at the lackadaisical attitude of Chua and the government in general towards the looming fiscal crunch and a potential economic crisis.\u201d<\/p>\n

\u201cFirst, 30 percent of the government\u2019s revenue comes from petroleum-related income and the lowering oil price will result in a larger fiscal deficits,\u201d Liew said.<\/p>\n

\"LCT-480x300\"<\/a>Chua had also said that Malaysia relied on Tapis Crude and not Brent Crude in determining oil prices and that the \u201cthe average pricing per barrel had met expectations so far\u201d. The government budgeted oil prices at US$110 per barrel in 2014 and US$105 per barrel in 2015.<\/p>\n

Tapis crude is a Malaysian crude oil used in Singapore as a pricing benchmark. Its price is generally higher than Brent due to its low sulphur content and overall higher quality of oil.<\/p>\n

Opposition leaders have used the Brent Crude oil price to represent the dip in the global fuel price which is currently below USD 70 per barrel.<\/p>\n

In the report, Chua said that the Tapis Crude oil has been above USD 100 (RM 344) between June to November \u2013 and that this met the government\u2019s expectations. However, Liew said that this does in no way mean that it is stable.<\/p>\n

\u201cChua\u2019s argument about Tapis is stable and it is not Brent is just like a ostrich burying its heads in the sand.\u201d<\/p>\n

\u201cOver the past four weeks until 3rd December 2014, the highest of Tapis was US$86 per barrel, and Brent and Tapis were both at the same price at US$ 71 per barrel,\u201d said Liew, adding that Tapis is usually about five percent higher than Brent prices.<\/p>\n

Although the price from June to November was as stated by Chua, Liew pointed out that for the past two months, Tapis has plunged below the US 100 mark.<\/p>\n

\u201cIn fact, for most of the last two weeks, it was lower than US$ 80.\u201d<\/p>\n

He also took a swipe at the recent increase in the diesel price after the new managed float system was put in place.<\/p>\n

\u201cThe government\u2019s decision to raise diesel pump price by 3 sen is just adding salt to the wound, which is likely going to send consumer prices up further,\u201d Liew said.<\/p>\n

Ostriches are known to tunnel under ground with their heads to build nests for their eggs. While the animal does not literally “bury its head in the ground” the act of constantly placing their heads into holes in\u00a0the ground to reposition their\u00a0eggs is mistakenly perceived as such. -The Rocket<\/p>\n

\n","protected":false},"excerpt":{"rendered":"

DAP National Political Education Director Liew Chin Tong has asked Deputy Finance Minister Chua Tee Yong and the BN government to confront the issue of fuel prices instead of \u201cburying his head in the sand\u201d \u2013 like the flightless bird; the ostrich. Liew slammed Chua for a statement he made reported in The Star, where […]<\/p>\n","protected":false},"author":1,"featured_media":11164,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[260],"tags":[],"class_list":["post-11162","post","type-post","status-publish","format-standard","hentry","category-current"],"_links":{"self":[{"href":"https:\/\/www.therocket.com.my\/en\/wp-json\/wp\/v2\/posts\/11162","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.therocket.com.my\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.therocket.com.my\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.therocket.com.my\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.therocket.com.my\/en\/wp-json\/wp\/v2\/comments?post=11162"}],"version-history":[{"count":3,"href":"https:\/\/www.therocket.com.my\/en\/wp-json\/wp\/v2\/posts\/11162\/revisions"}],"predecessor-version":[{"id":11172,"href":"https:\/\/www.therocket.com.my\/en\/wp-json\/wp\/v2\/posts\/11162\/revisions\/11172"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.therocket.com.my\/en\/wp-json\/wp\/v2\/media\/11164"}],"wp:attachment":[{"href":"https:\/\/www.therocket.com.my\/en\/wp-json\/wp\/v2\/media?parent=11162"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.therocket.com.my\/en\/wp-json\/wp\/v2\/categories?post=11162"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.therocket.com.my\/en\/wp-json\/wp\/v2\/tags?post=11162"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}