After last week's drastic drop in prices, petrol across the board will again trade at lower rates this week.

The Domestic Trade, Cooperatives and Consumerism Ministry announced that from midnight, RON95 will trade at RM2.17 per litre while RON97 will trade at RM2.43 per litre, down six and seven sen respectively.

Diesel will trade at RM2.13 a litre, down six sen from last week.

Due to budget constraints, Putrajaya stopped fuel subsidies in March last year and implemented a managed float system that is updated weekly.

Fuel prices are determined by global oil prices based on the Mean of Platts Singapore and the ringgit's strength against the US dollar.