The retail price of one litre of RON95 and RON97 fuel will go down by another 10 sen, effective midnight.

This puts the new retail price of RON95 at RM2.01 per litre and RON97 at RM2.29 per litre, according to an announcement by the Domestic Trade Co-operatives and Consumerism Ministry.

This is the second consecutive 10 sen reduction since May 4 and the third decline in weekly fuel prices.

Meanwhile, the retail price of diesel will go down by 13 sen, putting it at RM1.95 per litre.

The latest prices mean retail fuel cost is now at the lowest level since the introduction of the weekly fuel price system on March 30.

The retail price of fuel is determined based on the Mean of Platts Singapore (Mops) and currency strength average of the previous week.

Global oil price has been on a downtrend in recent weeks due to record output by the US shale oil industry.