Petronas to explain this week: Mohamed

Some groups want details on its revenue and expenditure

KOTA KINABALU: Petroliam Nasional Bhd (Petronas) will explain its position following the fuel price increase and restructuring of subsidies this week, Second Finance Minister Tan Sri Nor Mohamed Yakcop said yesterday.

The explanation concerning Petronas will be provided by its president and chief executive officer Tan Sri Hassan Marican, Nor Mohamed told reporters after a meeting with officials of the Finance Ministry agencies here.

He said this when asked about the calls by some groups for Petronas to provide details on its revenue and expenditure.

Nor Mohamed said Petronas revenue should not be used fully for fuel subsidies as the money concerned needed to be managed for the financial security of future generations.

There are some who proposed that we use all the Petronas money as subsidies. If we do that, not all the people will benefit because of smuggling activities and leakages in the system. Foreigners will gain at the expense of the rakyat, he said, adding that the payment of fuel rebates which started Saturday was the appropriate measure.

Nor Mohamed said if the government had not raised the prices of petrol to RM2.70 per litre and diesel to RM2.58 per litre and restructured the subsidies, it would have to bear a subsidy cost of RM33 billion.

He said the 30 sen petrol price increase implemented in 2006 could not be compared to the recent 78 sen increase because no rebate was given then.

According to him, the petrol price increase was less than 30 sen because of the rebate, adding that through the restructuring of subsidies, only qualified Malaysians were getting the payments.

On the collection of taxes by the Inland Revenue Department in Sabah, Nor Mohamed said the amount received during the January-June 2008 period rose to RM1.1 billion from RM800 million in the same period last year.

Among the factors behind the increase was the rise in prices of crude palm oil (CPO) which hit RM3,690 per tonne last Friday compared to below RM1,000 per tonne previously, he said.

He said the tax collection in the state is expected to exceed the target of RM2 billion this year.


they oso explain how come some company were awarded contract/ tender when they do not hv enuff manpower/ equipment…

oh, semua org mau cari makan hor??

:mrgreen: :mrgreen:

Nuthing much can explain. Things can cover 1…All can say is government wan money!..bull ■■■■