Malaysian Government Raises Gas Prices by 40% and Diesel by 67% Overnight!

If you thought that a couple of cents raise in fuel prices is pretty annoying we wonder what you’d say if you woke up one morning and saw that prices at your pump increased by 40% overnight! Well, that’s exactly what happened in Malaysia yesterday as the government enforced an increase of 40% in gasoline prices and a whopping +67% in diesel fuel prices. As of Thursday, Malaysians pay $0.87 per liter or $3.30 a gallon for gasoline (from $0.61 and $2.32 respectively) and $3.04 per gallon (from $1.82) for diesel.

According to government officials, while subsidies kept fuel prices in Malaysia among the lowest in Southeast Asia, it could no longer afford funding them as it is expected to cost the treasury more than $14 billion this year.