Petrol prices were supposed to increase by 20 sen per litre this month, but this was reduced to 15 sen instead due to intervention by Prime Minister Najib Abdul Razak, according to Finance Minister II Johari Abdul Ghani.

"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.

"Hopefully in November, if the market improves then we don't need to do any increase.

"Maybe we can reduce (the price) if the oil price drops," he told reporters after delivering his keynote address at the 21st Malaysian Capital Market Summit at the Seri Pacific Hotel in Kuala Lumpur today.

Johari also explained that the petrol price increase is based on the average global price of crude oil of the preceding month, and not the daily global price.

Petrol and diesel pump prices went up by 15 sen per litre at midnight - the highest price point yet this year.

RON95 is now priced at RM1.95 per litre, RON97 RM2.30 per litre and diesel at RM2 a litre.

Pump prices were at the lowest point in March.

Since then, diesel prices have gone up by 48 percent, while RON95 is up 22 percent.