Watch part two

The soaring cost of oil is squeezing motorists and consumers the world over.

In Asia, it is forcing governments to slash fuel subsidies, prompting people to take to the streets in protest.

One of the largest cuts to subsidised fuel has been in Malaysia. In June, the government increased the cost of petrol by 41 per cent and diesel by 63 per cent.

Malaysians, used to some of the cheapest petrol in the region, are reeling from the sudden price hike.

This week, 101 East looks at the social and economic impacts of rising fuel costs.

This episode of 101 East aired from July 10, 2008.