The retail price for RON95, RON97 petrol and diesel has gone down 17 sen, 19 sen and 9 sen respectively.
RON95 will be priced at RM2.13, RON97 at RM2.41 and diesel will cost RM2.11 at the pump, according to sources.
All new prices will take effect after midnight tonight.
This is the first time fuel prices are announced using the new weekly ceiling price system announced by Domestic Trade Co-operatives and Consumerism Minister Hamzah Zainuddin.
Companies that wished to sell below the weekly ceiling price must seek approval from the ministry.
Monthly fuel prices were previously determined based on a managed float system called "Automatic Pricing Mechanism" (APM).
It determines the month's fuel price by factoring the average market value of a particular fuel and the ringgit's strength in the preceding month.
Fuel prices are presently at the highest level since the implementation of the managed float system in December 2014.
Crude oil prices have remained depressed due to a global glut which came about after the US flooded the market with shale oil.
The US oil boom was made possible through advancement in horizontal drilling technology.
However, oil price began to stabilise this year following moves by the Organisation of Petroleum Exporting Countries (Opec) and other oil-producing countries to slash output.
The ringgit has also been strengthening in the last few weeks, which may be a factor in helping to stabilise local retail fuel prices.- Mkini
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