World commodity prices are going crazy, largely on speculation of export restrictions being placed on the world’s second-largest oil exporter after they decided to allow their armed forces to go on a little excursion into one of their neighbours. Yes, we are of course talking about the Russian Army’s well-publicised tour of Ukraine.
Global crude oil prices have spiked by over 65% as a result, which of course translates to pain at the pump for the rest of us. Across the region, the price has skyrocketed, although in Malaysia we have been shielded from the most disastrous impact as our government strictly controls the price of fuel.
However, whilst the price of RON 95 hasn’t changed yet and remains at RM2.05 per litre (approx. 49 us cents) the price of RON97 has shot up to RM3.75per litre. Therefore, if you have a higher-end car that requires RON97 fuel, you will be paying more than RM40 (USD10) per tank of fuel than you were in February. But perhaps more striking is the difference between a 60-litre tank of RON97 and RON95, which is over RM102 (approx. USD25).
Of course, you may be tempted to pump RON95 into your car to save money, but this will reduce your vehicle’s efficiency and drive quality and may well end up damaging your car. But all is not lost. There is a solution our friends over at X-1R have produced, that is the world’s leading octane boosting products and all at prices that are very consumer-friendly. What is more, if you haven’t already checked out their online shopping portal, now would be a good time as there are some new special offers on their octane boosting products that can save you even more. What are you waiting for?
This is not the first time in recent world events that Russia has “meddled” in the affairs of its neighbours. In fact, it has a long history of this (as do some other “Superpowers”). But as of now, only Americaland has outright banned the import of Russian oil. Other places have been a little more pragmatic, knowing that high fuel prices will quite quickly result in high inflation. The European Community (EC) and others, such as the UK, have vowed to reduce their reliance on Russian hydrocarbons, but will not stop buying from them just yet. So basically, there is not a shortage of oil, just a shortage of confidence.
