KUALA LUMPUR: Prime Minister Datuk Seri Abdullah Ahmad Badawi on Wednesday announced price hikes for petrol, diesel and electricity.

He said the new price for petrol is RM2.70 a litre, effective midnight tonight. The price goes up by 78sen from the current RM1.92, a hike of 40%.

Abdullah also announced that the price of diesel would be increased by RM1 from RM1.58 to RM2.58.

He also said that Tenaga Nasional Bhd would be raising electricity rates by 18% for homes and 26% for business users.

The announcements are part of the new fuel subsidy plan.

Abdullah also announced a RM625 annual cash rebate per vehicle, for owners of private vehicles with engine capacities of up to 2,000cc, as well as pickup trucks and jeeps with engine capacities of up to 2,500cc.

Owners of private motorcycles with engine capacities of up to 250cc will receive RM150.

Payment will be made via Money Order upon renewal of road tax, from July 1.

For owners of private vehicles with engine capacities exceeding 2000cc, road tax will be reduced by RM200.

Owners of private motorcycles with engine capacities above 250 cc will get RM50 reduction in road tax.

P.S : Omg.. petrol price increased drastically. Everything will increase such as food, air tickets, services and many more. Terrible and horrible Domino's effect!! But one thing which surely won't increase is SALARY!! I need to find more people to carpull with me to travel to and fro from Penang liao!! Who wants to carpull with me? Or share transportation with me also can!!