State DAP to hold fundraising dinner to prepare for GE14 at Thian Court on May 5
KUCHING: State DAP will hold a fund-raising dinner at Thian Court on May 5.
According to its chairman, Chong Chieng Jen, funds raised from the dinner would be used to prepare for the coming general election.
“The theme of the dinner is ‘Change for a Better Future’. Times are hard, the economy is bad, we need to change for a better future,” he told a press conference at their headquarters here yesterday.
Chong gave an example of how much Malaysians have to pay for not changing the government after the 2013 general election, which is expensive petrol prices these days.
“Many are of the opinion that we do not suffer from ringgit depreciation, but every day we are paying extra because of the depreciation.
“All Malaysians are made to pay for expensive petrol prices because of Barisan Nasional’s poor management of our economy that resulted in the depreciation of the ringgit since 2013,” he said.
Chong said that as announced by the Ministry of Domestic Trade, Cooperatives and Consumerism, the calculation of RON95 and RON97 prices is based on Means of Platts (Singapore) or MOPS, plus a margin of RM0.32 per litre for the operation and distribution costs and the profit margin of the oil companies and petrol stations.
“The prices quoted in MOPS is in US Dollar. For example, RON95 this week is RM2.24 per litre. By the calculation published by the ministry, the MOPS price is RM1.92 (after subtracting RM0.32 from RM2.24). That is US$ 0.436 based on the current exchange rate of US$ 1 to RM4.40.
“In May 2013, just after the general election, the exchange rate was US$ 1 to RM3. Had the ringgit today not depreciated so badly and maintained at that level, the MOPS price of RON95 would be RM1.31.
“With MOPS price of RON95 at RM1.31 per litre plus the RM0.32 margin, RNO95 in Malaysia should be RM1.63 per litre.”
Chong said based on the comparison of prices over the years since 2013, Malaysians have been suffering from the depreciation of the ringgit, which he saw as the result of poor economic management by the ruling government.
“The depreciation of the ringgit is the price we pay for not changing the government in May 2013.
“This is only an example of petrol prices today. We don’t know about next week, and the coming weeks. If the ringgit depreciates further, our suffering will become worse,” he said.
On a separate note, Chong believed that the appointment of Defence Minister Datuk Seri Hishammuddin Tun Hussein as Special Functions Minister is a sign of Umno breaking up for the third round.
He called on all non- Umno supporters to come together to change for a better future in the coming general election.