Both RON95 and RON97 fuels will be six sen cheaper starting midnight at RM1.38 per litre and RM1.68 per litre respectively.

Diesel is down seven sen to RM1.68 per litre.

This is the fourth straight week that fuel prices have dropped.

Prices for RON95 are currently at levels not seen since 2004 when petrol prices cost RM1.42 per litre.

The prices were determined using the automatic pricing mechanism formula.

"The decline in the retail price of petroleum products is due to the continued decline in global crude oil prices following the global economic uncertainty caused by the Covid-19 outbreak," said the Finance Ministry in a statement.

It added that the government will continue to monitor the impact of global oil price changes and take "appropriate measures" to ensure the people's welfare.