RON95 and RON97 prices will drop 5 sen each at midnight to RM1.25 and RM1.55 per litre respectively.

Diesel prices are down 12 sen to RM1.46 per litre.

This is the 6th straight week that fuel prices have dropped.

"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.

De facto economy minister Mustapa Mohamad said that for every US$1 drop in oil per barrel prices, the government loses RM300 million.

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