I concur with this malaysiakini article that any fuel price reduction will not affect voter sentiments much. In the article 'Petrol price cuts won't help BN ', the writer suggests that the Pro-opposition trend will continue.
Perhaps the more important factor would be the "bribe" of paying the oil royalty directly to the state once again but even that has limited value as the state has not yet developed programs like granting scholarships and grants to ALL poor students and families.
The usual mode of distribution is development(?) projects that enrich the few cronies via over-priced contracts.
The other aspect of fuel price adjustments is that most Malaysians know that the government is profitting from the high prices now and any miniscule adjustment is considered by the citizens as getting back a little of what is due.
BTW have you heard of any major plans to improve public transport like for JB? The new CIQ plan for bus passengers is a major disaster as they could not even provide a basic shelter for passengers who disembark at the so-called Central Bus stop.