KUALA LUMPUR (Dec 18): Prices of RON95 and RON97 petrol in Malaysia will go down futher in tandem with the crude oil price slump, said Deputy Finance Minister Datuk Ahmad Maslan.

Ahmad said the government would also announce a cut in diesel prices.

"Further announcement will be made on December 31 this year at 8pm," Ahmad said. He was speaking to reporters today, after the launch of Malaysia Debt Ventures Bhd new corporate strategy.

Ahmad, however, did not disclose the reduction quantum for fuel prices.

Earlier, the government had since December 1 this year, reduced RON95 and RON97 petrol prices by four sen and nine sen to RM2.26 and RM2.46 respectively, for the month. Diesel prices, however, went up three sen to to RM2.23.

The price revisions come under a managed-float system, which determines fuel prices on a monthly basis, according to crude oil prices. The managed-float system means the government no longer subsidise fuel.

Bloomberg data showed crude oil prices had fallen to some US$57 (RM198) a barrel today, amid oversupply concerns. This compares to a six-month intraday high of about US$107 on June 20, 2014.

Today, Ahmad said basic goods suppliers should reduce prices, amid cheaper fuel.

He urged several companies that supply 80% of basic goods to Malaysians, to lower their prices.

"They should lower prices of goods to benefit the people," Ahmad said. He said these companies were beneficiaries of cheaper petrol.