Finance Minister Johari Abdul Ghani revealed that the petrol prices were supposed to be increased by 20 sen per litre, but was decreased thanks to PM Najib Razak's intervention
"Based on the October price, the price (increase) was supposed to be 20 sen but the prime minister felt that we should reduce it a bit," said Johari, as quoted by Malaysiakini, today, 1 November when delivering his keynote address at the 21st Malaysian Capital Market Summit at the Seri Pacific Hotel in Kuala Lumpur.
"Hopefully in November, if the market improves then don't need to do any increase. Maybe we can reduce if the oil price drops," added Johari.
The Finance Minister also took the opportunity to explain that the government has hiked up the petrol prices based on the increase of the average global price of crude oil of the preceding month.
At 12am today, both petrol and diesel pump prices went up by 15 sen per litre, making it the highest hike this year.
Here are the new prices:
- RON95: RM1.95 per litre
- RON97: RM2.30 per litre
- Diesel: RM2 per litre
According to a report by Malaysiakini, the price for RON95 has gone up by 22% while diesel has seen a hike of 48% since March. The oil prices were at its lowest in March - RM1.60 per litre for RON95, RM1.95 per litre for RON97 and RM1.35 per litre for diesel.
The government removed the fuel subsidy for the first time in December 2014 and implemented a 'managed float system' that updates the diesel and petrol prices monthly.
Meanwhile, people have been responding to the price hike in true Malaysian fashion by adding a dose of humour to it.
These images have been circulating on social media for the past day: