This means RON95 will retail at RM1.91 per litre while diesel will retail at RM1.93 per litre.
The announcement was made by Deputy Finance Minister Ahmad Maslan on Twitter.
Meanwhile, RON97 fuel will also see a 35 sen per litre reduction, retailing at a new price of RM2.11 per litre.
"The price of oil has gone down again, when will business reduce the price of their goods?
"The rakyat is waiting," Ahmad said in a Twitter posting this evening.
Gov't to set price monthly
Separately, Domestic Trade, Co-operatives and Consumerism Minister Hasan Malek said the cut is based on average costs in December and currency factors.
The government will monitor these factors and determine the retail prices of petrol and diesel on a monthly basis, he said.
"All petrol station operators must adhere to the new price or stern action will be taken," he is quoted by Bernama as saying.
The price of fuel has been on a managed float system since the beginning of this month after the government abolished the subsidy system.
RON95, RON97 and diesel retailed at RM2.26, RM2.46 and RM2.23 respectively in December.
The significant reduction comes amid continuous fall in global crude oil price.
The price of Brent crude oil is currently selling at US$57.90 per barrel, almost 50 percent lower from its US$100 price in August.
Oil price collapsed after the US developed new fracking technology to harness previously hard to obtain oil from shale, known as tight oil.
The development saw the US churning at least eight million barrels of oil per day, according to US' Energy Information Administration, creating a supply glut.
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