A reality check on oil

It’s time Malaysians received a reality check on oil. Despite yet another hike in the price of petrol and diesel by 10 and 20 sen respectively on Aug 1, consumers in this country still undervalue a resource that is depleting, takes years to flow from the oilfields to the petrol pump, and requires millions of ringgit to explore, extract and process.

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What this country needs is a comprehensive energy policy that will enhance efficiency in oil use, encourage more investment in oil exploration, provide incentives for developing alternative energy sources like biodiesel and adopt a pricing strategy that will encourage greater supply and discourage wasteful consumption. And this must begin now.

The Star