The cost of travel is affected by oil prices, has domestic oil prices risen or fallen in recent years?

The importance of the fluctuation in car fuel prices is self-evident, as it directly affects the daily travel costs of consumers, the running costs and profitability of businesses, and hence the operating efficiency of the entire economic system. The volatility of oil prices also reflects various factors, such as the supply and demand relationship in the global energy market, geopolitical situations, and environmental protection policies. Therefore, whether for individuals or collectives, oil prices are of great importance.

So, what has been the trend of domestic oil prices in the past two years, has it risen or fallen? Through this article, we can see it at a glance.

Firstly, as for the price of diesel, domestic diesel has maintained a fairly low price from 2023 to June 2024, with a price per litre of RM 2.15. It then began to rise all the way up to basically more than RM 3.0 per litre by September 2024, a percentage increase of 50%. This week, the price of diesel has reached a per litre price of RM 3.95, the highest level in recent history.

In terms of gasoline, the price of ron95 has remained at RM 2.05 per litre for the past two years, which is not only extremely stable, but also at a relatively low level worldwide; the price of ron97 has basically remained at RM 3.37 per litre in the past year, and after a slight increase in the second half of this year, it has decreased somewhat, now maintaining at RM 3.19 price.

Summary

Overall, domestic diesel prices have recently seen a significant increase, but gasoline prices are very stable, and ron97 has a downward trend. The rise and fall of oil prices have a minimal impact on the average consumer, and on business operating costs and profitability, which are at a relatively optimistic level.