In this malaysiakini article headed
"PM: Understand reasons for fuel hike"
the PM urges
"the public would acquire the right information on the global fuel price hike phenomenon in order to really understand what the country was facing."
No one denies that oil prices have surged drastically during the past 12 months but since we are still a net exporter of oil, as far as oil is concerned Malaysian still makes a net profit irrespective of price. Furthermore our oil demands a premium as it is of low sulphur - we export top quality oil and buy the cheaper more polluting grade.
The question that needs to be asked is the details of the production sharing agreement. Did we commit our sales for many years in advance at much lower prices than the current market rates?
As far as TNB is concerned, our coal-fired generators are now using a commodity that has reached record prices recently and so TNB may be badly affected.
I agree with the PM that Malaysians should get the right information. How about opening up PETRONAS' accounts and all the secret toll agreements? That would be a step in the right direction.