In a blogpost, Rafizi also denied claims by Pakatan Harapan’s critics that it had failed to lower the prices of fuel, saying it had never promised to immediately lower the price of fuel to RM1.50 per litre.

“That was GE13 campaign, Umno and PAS supporters are still confused with the GE13 election campaign,” he said.

Recently, former prime minister Najib Razak in an interview with Sinar Harian claimed PH lied about its manifesto promise of lowering fuel prices to RM1.50.

As for claims that the price should be RM1.80 per litre, a price he quoted before, Rafizi said that was an example of a price comparison he made when the global oil prices stood between US$45 and US$55 per barrel.

He said that then, the government could reduce the pump price of RON95 to RM1.80 per litre with a 20 sen subsidy per litre because then, the price of RON95 stood at RM2 per litre.

“Now the price per barrel isn’t US$55 per barrel but US$75 per barrel, so the question which Umno and PAS supporters should ask is how much subsidies have been given for each litre of petrol and diesel.”

Rafizi said using the previous administration’s formula and the price of refined oil from Singapore, the pump price of RON95 would be RM2.35 per litre at its lowest and RM2.50 per litre at it’s highest.

So, he said, he estimated that since coming to power, the Pakatan Harapan administration had spent RM1.4 billion in subsidies to maintain the price of RON95 at RM2.20 per litre, despite the rise in global oil prices.

“Of the RM1.77 billion extra revenue obtained from the increase in oil prices between May 10 and July 16, some RM1.384 billion has been returned to the people in the form of subsidies.

“This means, the PH administration has returned 78% of its additional oil revenues to the people.”