As Malaysians prepare for the balik kampung rush for the Chinese New Year celebrations on Friday, they can expect more bang for the buck when they fuel up, with fuel prices going way down, starting midnight.

According to the latest fuel prices released by the Domestic Trade, Cooperatives and Consumerism Ministry, the new price of RON95 and RON97 will be RM2.23 and RM2.50 per litre, respectively, while diesel will cost RM2.19 per litre.

This translates to a drop of 10 sen, 11 sen and 12 sen, respectively.

The drop in prices comes after an increasing trend in the last three weeks.

Putrajaya had stopped fuel subsidies since March last year due to budget constraints and implemented a managed float system that is updated weekly.

Fuel prices are determined by global oil prices based on the Mean of Platts Singapore and the ringgit's strength against the US dollar.