Source: Malaysia raises petrol prices by 40%
Of course, back in day 1, they probably won't know that oil prices would rise to the heights of today. The point of the lesson is, market forces will determine the price. Economics will still stand.
Why was there a need to subsidise oil in the first place? Sure people might have to work harder to pay for things they need. But what they give, they would receive back in other ways. You learn how to find opportunities to create value and wealth.