By: Ganesh

According to Mahathir’s blog chedet,

“I am the “adviser” to Petronas but I know very little about it beyond what is published in its accounts. What I do know may not be very accurate but should be sufficient for me to draw certain conclusions.

Roughly Malaysia produces 650,000 barrels of crude per day. We consume 400,000 barrels leaving 250,000 barrels to be exported,” said Mahathir.

From the above, one can decipher this. 1 barrel equals to 158 litres of oil. So local consumption is 400,000 barrels x 158 litres = 632 00000 litres per day of oil.

Setting aside processing and transport cost, the government makes a whole lot of money if it still sells petrol at RM1.80 per litre.

Double bonus, since oil is traded in US dollars and the US dollar is very high now (3.6 to the ringgit), the remaining 250,000 barrels for export also brings in loads of revenue.

I would say, government is very very rich. Plus the recent RM87.9 billion collected by IRB, I think Government can help a lot of poor people around.

(http://www.themalaysianinsider.com/index.php/malaysia/14514-irb-collects-rm879-billion-in-taxes-exceeds-target)