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Petrol will be RM2.70 a litre at midnight tonight The new price of petrol is RM2.70 per litre beginning midnight tonight, Prime Minister Datuk Seri Abdullah Ahmad Badawi announced just a moment ago. The 78 sen hike or 40 per cent increase is still below the antiticpated RM4 per litre price projected earlier and among the cheapest in Asia.

Diesel prices increased by RM1 per liter, and petrol by RM0.78. It sucks to be a diesel owner now.

Oh by the way - transportation vehicles usually run on diesel. So that means, we shall await the effects of the huge jump in diesel prices to be reflected in the prices of goods. Will this be the price hike 'tsunami' everyone's been anticipating?