KUCHING: About 1,200 people are expected to attend State DAP fund-raising dinner for the coming parliamentary election. The dinner with the theme “Change for a Better Future” will be held at Thian Court here on 5 May.
Chairman of DAP Sarawak, Chong Chieng Jen disclosed that they are targeting 120 tables at the dinner and there will be no big bosses (top party leaders) coming although they are getting DAP Youth chief, Nga Kor Meng to come.
“Basically times are bad, the economy is bad we need change for a better future for the country and for the people,” Chong who is also MP for Bandar Kuching and Kota Sentosa Assemblyman told a press conference at DAP Sarawak headquarters here, yesterday.
He said all Malaysians are made to pay for expensive petrol prices because of BN’s poor management of the economy resulting in the depreciation of the Malaysian Ringgit.
Chong said the Ministry of Domestic Trade and Consumerism has announced that the calculation of RON95 and RON97 prices was based on the Mean of Platts (Singapore) MOPS) plus a margin of RM0.32 per litre for the operation and distribution costs and the profit margins of the oil companies and petrol stations.
He said the prices quoted in MOPS are quoted in USD. RON95 for this week is RM2.24 per litre. By the calculation published by the Ministry, the MOPS price for RON95 is thus RM2.24-RM0.32 + RM1.92 (which is USD0.436 at the exchange rate of USD1 to RM4.40).
The Malaysian Ringgit has depreciated since the GE13 on 5 May, 2013 to 50% against the USD.
“Many of us feel or are of the opinion that we do not do foreign trading, we don’t pay in USD, therefore the drop of ringgit against USD would not hurt us, we do not suffer from the depreciation of the ringgit. What I am trying to highlight is that everyday you are paying extra because of the depreciation in ringgit,” he said.
In May 2013, Chong said the Ringgit to USD was USD1 to RM3.00. Had the ringgit not depreciated so badly today and maintained at that level of US1 to RM3.00, the MOPS price of RON95 in ringgit would be RM1.31.
With the MOPS RON95 price at RM1.31 per litre, plus the RM0.32 margin, he said, RON 95 price in Malaysia should be RM1.63 per litre.
“The conclusion is if ringgit did not depreciate, our RON95 price would have been RM1.63 per litre, and not RM2.24 like now. All Malaysians are made to pay for the bad economic management of the BN Government,” Chong pointed out.
The depreciation of the ringgit, he said does not only affect the importers or exporters but every single citizen.
“As long as you buy petrol from the petrol pump, you directly pay extra because of the depreciation of the ringgit,” he said.
