Deputy Finance Minister Ahmad Maslan says the price of RON95 and diesel is expected to range between RM1.90 and RM1.95 per litre beginning next month.

"It is expected RON95 and diesel will be between RM1.90 and RM1.95 per litre starting Jan 1, 2015.

"The announcement will be made by the Domestic Trade, Co-Operatives and Consumerism Ministry," he said in a Twitter posting tonight.

If implemented, the price cut is more than 10 percent for both types of fuel.

The retail price for RON95 is RM2.26 per litre while diesel is RM2.23 per litre for December.

Ahmad made no mention on the expected price of RON97.

The fuel is retailing at RM2.46 this month.

All three types of fuel price have been put on a managed float at the beginning of this month after their subsidies were abolished.

As such, Ahmad said he hopes businesses will also slash their prices.

"Hopefully businessmen will reduce the prices of their goods," he said.

The fuel price reduction comes amid continued fall in global crude oil price.

Brent Crude Oil price continue to slide to US$57.88 per barrel today, almost 50 percent lower than the price in August which was at over US$100 per barrel.