RON95 prices will drop 19 sen at midnight from RM2.08 per litre to RM1.89 per litre.

The Finance Ministry also announced that RON97 was down 21 sen and will retail at RM2.19 per litre.

Diesel will also be 17 sen cheaper, at RM1.96 per litre.

The ministry said the prices were set using the weekly Automatic Pricing Mechanism formula.

Oil prices had tumbled globally amid fears over Covid-19 and its impact on the economy.

Demand for oil in China, the world's largest consumer, has especially dropped amid the virus outbreak.

Opec countries are reportedly planning to slash crude oil supplies in an effort to boost up prices.