Premium petrol will be sold at EUR 1.293 per litre as of tomorrow, down 3.5 cents, while diesel will be 2.8 cents cheaper at EUR 1.197 per litre, fuel retailers Petrol and OMV said in a press release on Monday.

Heating oil will also be cheaper, with its price dropping by 2.9 cents to EUR 0.851 per litre.

Contributing to the drop in prices is the government's decision today to lower excise duties for petrol and diesel by 1.7% to EUR 0.55 per litre and 2.6% to EUR 0.46 per litre, respectively.

According to PM Miro Cerar, with its excise duty policy the government is pursuing the goal of competitive fuel prices, which are expected to bring revenues and profit.

"This is the main goal. We will need to make a continued effort on this path with consideration to the trends on the global markets and national reserves," he told reporters on the sidelines of a meeting in Brdo pri Kranju.

Crude oil prices have been dropping since the summer of 2014, reaching today the lowest mark in more than five years, which is mainly attributed to the abundant supply on the global market.