Minyak Jatuh US$68 Satu Tong !!! Ringgit Merosot RM3.00 Setiap Dolar Singapura !!!

Harga minyak jatuh merudum lagi.

• free fall in oil prices  likely to lead to poor performances by Petronas.
• its profit before tax drop by 19% compared to the preceding quarter.
• Petronas will cut capital expenditure by 15% to 20% next year.
• worse, Petronas’ contribution to Government fall by RM25bil to RM43bil
• assuming crude settles at US$75 per barrel.

Assuming crude settles at US$75 per barrel. The recent Budget was based on US$100 per barrel. Some say US$105 per barrel.   News is just in that oil has hit US$68  per barrel. 

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"Oil traders in London sent WTI futures on the ICE down below $68 a barrel on Thursday. Brent crude dipped to just over $71 a barrel. These are four-and-a-half year lows."
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At US$75 per barrel, Petronas will cut RM25bil - RM43bil in contributions to the gomen. 

Now the oil price has already hit US$68 per barrel.  So Petronas' contribution to the gomen will be cut by more than RM43bil.  Maybe Petronas may not be able to contribute anything at all to the gomen.  


Folks, here is the real kick in the gut.  

The Malaysian Ringgit is collapsing against the Singapore Dollar. The Ringgit / Singapore Dollar is now 2.50:1.  

You need RM2.50 to get just one Singapore Dollar.

They expect the Ringgit to fall to RM3.00 for every Singapore Dollar. 

Here is the news from Singapore TV :

This is Singapore TV.  Among the reasons they are citing is that large amounts of Ringgit have flown out of the country to buy bonds in foreign currencies. This is called capital flight. 

For example if  a few billion Ringgit flies out of the country to buy US Dollar bonds issued by 1***,  that would also cause our Ringgit to fall.

If Tabung takes out a few hundred million Ringgit to buy hotels in London or Melbourne that would also cause our Ringgit to fall. 

Jadi saya ingin ucapkan tahniah kepada Perdana Menteri Najib Tun Razak kerana di bawah pimpinan beliau, nilai Ringgit Malaysia berbanding Dolar Singapura sudah jatuh merudum, merosot menjadi RM2.50 setiap Dolar Singapura dan diramal akan jadi RM3.00 setiap Dolar Singapura.

Tahniah diucapkan kepada pimpinan PM Najib Tun Razak. Semua tepuk.