The move will be announced on Friday, Shahrir Samad said, the same day as September inflation data is released and when the central bank holds a rate-setting meeting. But he did not say whether there would be fresh fuel price cuts following a fortnightly price review.
Malaysia's inflation hit 27-year highs of 8.5 percent in August after the government hiked pump prices of petrol and diesel.
Shahrir said at least one hypermarket chain had agreed to cut prices.
'We hope more companies will agree to reduce prices of especially food and household products,' he said.
September inflation data is expected to show inflation rose 8.3 percent year-on-year, according to a Reuters poll, while another poll showed that rates would remain on hold at 3.5 percent.
Fuel prices have already been cut three times since then as global oil prices have fallen and slowing growth has now become the main worry for the economy.
