Effective today, petrol price in Malaysia is reduced by 10 sen to RM2.45. Global oil prices have dropped but the financial crisis, especially in the US, is not helping. In August petrol price was reduced to RM2.55 from RM2.70. RM2.70 was the price which caused an uproar as it was a 40% increase from the old price.
While this price drop helps a little, the global financial situation is worrying. Big names like Fannie Mae, Freddie Mac, Lehman Brothers and AIG are hogging the limelight for the wrong reasons. The billions involved in bailouts is heating up the US Presidential campaign. The local setups of AIG and AIA have sent letters to policyholders assuring them of their stability within the local context but I think they serve little to allay fears.
Meanwhile in the Malaysian backyard, the political dramas continue. While opposition state assmblyman Teresa Kok and the senior journalist have been released, blogger RPK is now sentenced to two years in the infamous Kamunting Prison under the Internal Security Act, which has been much debated for years and a contributing reason for the recent resignation of the Law Minister who faced a brick wall in pushing for law and judicial reforms. Anwar also continues to be in the news with continued 'he said, she said' regarding the forming of a new government and his alleged sodomy trial.
China despite its stellar performance in the recent Beijing Olympics has captured global attention now with its tainted milk scandal. China officials who kept the problem under wraps since December last year has caused the death of four babies and stricken 53,000 others - staggering figures....
Last week, a pretty and smart 16-year-old girl was found murdered and burnt after being kidnapped. The kidnappers demanded and received ransom money after they killed her.
So in the light of all these bad news, the 10 sen reduction in petrol price is not much to shout about.