The Rembau MP said according to world market prices, the price of RON95 should have been RM1.94 this week, and five weeks ago, should have hovered between RM1.95 and RM2.18.
After the general election, the prices of RON95 and diesel were set at RM2.20 and RM2.18 respectively, while the price of RON97 is set by the weekly price float system.
Writing on his Facebook page, Khairy said on top of increased prices, the sale of fuel has also been taxed in the past six weeks.
“Not only are you not getting (fuel) subsidies, for the past six weeks, but the people have been paying ‘taxes’ to the government at every fill-up.
“But I suppose the rakyat can’t complain because remember, their (PH) election promises were not to reduce prices but just to ‘stabilise’ them instead.
“So, if the world fuel prices are down, the government is not obliged to reduce them, but merely stabilise them. Looks like you’ve got it good,” he said.
Khairy said in reality, fuel prices have been lower than RM2.20 since Nov 8, based on the Mean of Platts Singapore or MOPS. It is an average price of oil indicator used in most countries in the region, including Australia.
He said the Domestic Trade and Consumer Affairs Ministry must reveal how much the government “profited” from the people in the past six weeks after the hike on prices and as well as tax on fuel sales.
Khairy said an automatic pricing mechanism or APM introduced during the Barisan Nasional (BN) era was the best bet in the view of the instability of fuel prices, adding that PKR’s Rafizi Ramli shared his view.
Rafizi had earlier called for fuel prices to be revised weekly, and not monthly as previously practised.
Khairy said the government must now reveal the tentative pricing for fuels under the APM system, which will kick in from Jan 1, so it can be compared to market prices.
“The government must also reveal if a ceiling price will be set before subsidies are given.”
Last month, the government revealed that Malaysians used 1.2 billion litres of fuel each month, with 90% of them choosing to buy the cheaper RON95.
Under the 2019 Budget, those with cars with 1.5-litre engines and motorcycles with 125cc and below may buy RON95 petrol at a lower price.
The lower prices apply only to the first 100 litres of the month purchased for cars and 40 litres per month for motorcycles at the cost of 30 sen per litre.
As many as four million car owners and 2.6 million motorcycle owners are expected to benefit from this subsidy. The subsidy, however, will not be extended to owners of multiple vehicles.
The Parliament was told the scheme announced under the budget will likely begin from the second quarter of 2019.