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Granted, the price of crude oil as on Wednesday (June 4) was US$125 (RM404) per barrel and has been increasing ever since. A saving of RM13.7 billions were expected when the announcement of the fuel subsidy cuts were made on that historical day. Petrol prices were raised by 41% to RM2.70 from RM1.92 effective June 5, while the price of diesel was increased by RM1 to RM2.58, a jump of 63%.

As if that wasn’t excruciating enough, the government simultaneously announced that effective July 1, electricity rates will be raised by 18% for households and 26% for industrial and commercial users. A double whammy!

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