The retail price for RON95 and RON97 petrol in March will remain unchanged at RM2.30 per litre and RM2.60 per litre respectively.

However, the retail price of diesel will go up by 5 sen to RM2.20 per litre effective midnight, according to China Press.

Monthly fuel prices are determined based on a managed float system called 'Automatic Pricing Mechanism' (APM).

It determines the month's fuel price by factoring the average market value of a particular fuel and the ringgit's strength in the preceding month.

Fuel prices are presently at the highest level since the implementation of the managed float system in December 2014.

Crude oil prices have remained depressed due to a global glut which came about after the US flooded the market with shale oil.

The US oil boom was made possible through advancement in horizontal drilling technology.

Oil price began to stabilise this year following moves by the Organisation of the Petroleum Exporting Countries (Opec) and other oil-producing countries to slash output.