Russian Invasion of Ukraine: Malaysia Petrol Prices Rises Drastically

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The recent Russian invasion of neighbouring Ukraine has sent shockwaves across the globe. In response, many countries and corporations have shunned Russia and its exports in an attempt to hamper its economy.

However, as Russia is one of the largest exporters of oil, there’s a sudden loss in global oil supplies, triggering an almost universal rise in oil and petroleum prices.

Malaysia is not immune to these price spikes - Russian petrol and crude oil imports amounted to almost USD$700M in 2019. The result? Spiking RON 97 prices. In fact, since the start of the Ukraine-Russia conflict, RON 97 prices have gone up from RM3.27 on the 24th of February, to RM3.75 as of today (10 March 2022). Thankfully, the Malaysian government’s implementation of a price ceiling for RON 95 and diesel last year has protected them from spikes. 

Here are the current oil prices:

Adalah penting untuk ambil perhatian bahawa kenaikan ini (dan jangkaan kenaikan yang berterusan) dalam harga bahan api bukan hanya disebabkan oleh harga minyak mentah. Terdapat pelbagai akibat lain yang menyebabkan lonjakan ini.

Bleak Future for Fuel Prices

Refining crude oil into fuel constitutes an entire supply chain of processes that requires energy that is derived from sources such as crude oil. It also requires electricity which is accompanied by its own rising costs due to the need for — you guessed it—  crude oil to produce. There's an entire ecosystem enslaved to crude oil prices and fuel prices won't simply go back down when the conflict ends and the Russian oil supply resumes. Therefore, residents of Malaysia be warned, prices might not return to normalcy anytime soon.

It would certainly be wise to be savvier in our fuel consumption. Don't make unnecessary trips with your vehicle, opt to walk if possible, and improve your fuel efficiency and economy by fixing common bad driving habits and maintaining your vehicle properly.

Read More: 10 Ways Your Bad Driving Habits Are Actually Damaging Your Car