Brent crude in ringgit: how expensive is a barrel now, and how much reached RON95 and inflation?
Brent averaged RM475.22 a barrel in September 2026, the 6th-highest month since 1997 in ringgit terms. Why the ringgit ranking differs from the US dollar one, what it means after inflation, and why BUDI95 RON95 stayed at RM1.99 while unsubsidised fuel jumped.
Headlines quote oil in US dollars, but Malaysian households and the government pay for it in ringgit. Converted month by month, the September 2026 spike looks different from the dollar version, and very little of it has reached the pump price most drivers see.
How much is a barrel of Brent in ringgit?
Brent averaged RM475.22 a barrel in September 2026. That is the World Bank’s monthly average of US$116.8 (Pink Sheet) multiplied by the September average exchange rate of 4.0687 ringgit per dollar (BNM rates via OpenDOSM).
Brent crude per barrel, September 2026 monthly average, in ringgit (CapsWindow calculation). Divided by 158.987 litres per barrel, that is about RM2.99 per litre of crude oil, before refining, taxes or distribution
The rise came in two waves. The conflict involving Iran from late February and disruption around the Strait of Hormuz pushed the monthly average to RM479.00 in April; it eased over the middle of the year, then attacks on Saudi Arabia’s East-West pipeline lifted the daily Brent spot price as high as US$131 on 15 September, according to the US EIA.
Where does September 2026 rank since 1997?
It is the 6th-highest of 357 months since January 1997, when our ringgit series starts. The five higher months are all in 2022 or April 2026.
Where does September 2026 rank since 1997?
Brent in ringgit (per barrel)
Shared linear scale from zero. Selected entries from the table below. Its dates, units, definitions and limitations still apply.
| Rank | Month | Brent in ringgit (per barrel) | Brent in US dollars |
|---|---|---|---|
| 1 | June 2022 | RM528.62 | US$120.1 |
| 2 | May 2022 | RM492.81 | — |
| 3 | March 2022 | RM485.59 | — |
| 4 | July 2022 | RM483.59 | — |
| 5 | April 2026 | RM479.00 | US$120.4 |
| 6 | September 2026 | RM475.22 | US$116.8 |
| — | July 2008 (dollar record) | RM435.16 | US$133.9 |
All values are CapsWindow calculations from World Bank monthly Brent and monthly average exchange rates. In dollars the picture is different: September 2026 ranks 10th of 801 months since 1960, and July 2008 is still the record. In ringgit, July 2008 does not even make the top five, because the ringgit was much stronger then, at about 3.25 per dollar (calculated from the two figures in the table).
Did the exchange rate add to or soften the rise?
It softened it slightly. From December 2025 to September 2026 Brent rose 86.3% in dollars and 85.2% in ringgit, because the ringgit strengthened by 0.57% against the dollar over the same months (4.0919 to 4.0687).
| Currency | Brent change, December 2025 to September 2026 | Currency move against the US dollar |
|---|---|---|
| US dollar | +86.3% | — |
| Malaysian ringgit | +85.2% | 0.57% stronger |
| Singapore dollar | +83.7% | 1.38% stronger |
| Thai baht | +95.7% | 5.08% weaker |
| Indonesian rupiah | +98.0% | 6.27% weaker |
| Philippine peso | +98.1% | 6.35% weaker |
The cushion for Malaysia was about one percentage point. Neighbours whose currencies weakened felt the oil rise amplified: for Indonesia and the Philippines, September 2026 is the most expensive month in their local-currency series since 2000.
What does it look like after inflation?
Lower than the 2008 and 2022 peaks. Adjusting each past month by Malaysian CPI up to July 2026, the latest month in our data, July 2008 is worth about RM593.05 in today’s ringgit and June 2022 about RM568.87. The highest real month is June 2008 at RM597.13 (CapsWindow calculation; see Data & methodology).
| Month | Nominal | In July 2026 ringgit | September 2026 compared |
|---|---|---|---|
| July 2008 | RM435.16 | RM593.05 | about 20% lower |
| June 2022 | RM528.62 | RM568.87 | about 16% lower |
| September 2026 | RM475.22 | about RM475 | — |
In real terms September 2026 ranks 16th of 355 months. September CPI has not been published, so we applied July’s price level to September; the real ranking is an approximation. For how CPI and money-supply measures differ, see M2 vs CPI.
How much reached the pump and the CPI?
Very little for most drivers, because of the subsidy. The Ministry of Finance sets prices weekly under the Automatic Pricing Mechanism, announced on Wednesdays and applied from Thursdays. RON95 under the BUDI95 targeted subsidy is fixed at RM1.99 a litre for eligible Malaysians within a monthly quota; unsubsidised RON95, RON97 and Peninsular diesel follow the market (data.gov.my fuel prices).
| Fuel (RM per litre) | 25 December 2025 | 15 October 2026 | Change (calculated) |
|---|---|---|---|
| RON95, BUDI95 subsidised | 1.99 | 1.99 | unchanged |
| RON95, unsubsidised | 2.56 | 4.62 | +80.5% |
| RON97 | 3.16 | 5.10 | +61.4% |
| Diesel, Peninsular Malaysia | 2.94 | 5.17 | +75.9% |
| Diesel, East Malaysia | 2.15 | 2.15 | unchanged |
Transport component of Malaysia's CPI, August 2026 on a year earlier, with headline inflation at 1.9% (DOSM)
DOSM’s August CPI release shows transport up 2.0% (1.4% in July), operation of personal transport equipment up 1.8%, and public transport up 10.5%. The same release puts the August average for market-priced RON95 at RM3.75, against RM1.99 subsidised. Crude alone cost about RM2.99 per litre in September, well above the subsidised pump price; the gap is paid through the budget.
Government measures in 2026: on 26 March the Ministry of Finance cut the monthly BUDI95 quota from 300 to 200 litres from April while keeping the price at RM1.99, noting that RON95 and diesel subsidies for January 2026 cost about RM0.7 billion (MOF). According to press reports of the Prime Minister’s 30 August speech (paultan.org), the quota returned to 300 litres from 1 September and subsidised diesel at RM2.10 was extended to all MyKad holders nationwide.
Malaysia is an oil producer, but we have not confirmed whether it is a net exporter of crude and petroleum products combined, so this note does not treat higher prices as a net gain or loss for the country.
Compare with another commodity: gold in ringgit →
What these numbers cannot tell you
Monthly averages hide daily swings. The EIA’s daily Brent spot price averaged US$126.98 over 1-14 October and was US$126.55 on 14 October (EIA), far above September’s monthly average. Futures tell a calmer story: in September the EIA put the average spot price at US$114 but front-month Brent futures at US$102.02, a sign of tight physical supply rather than expectations of permanently high prices. The EIA’s October outlook forecasts Brent averaging US$96 in 2026, US$105 in the fourth quarter and US$84 in 2027. Those are the EIA’s forecasts, not ours.
The ringgit values are CapsWindow calculations: World Bank monthly average Brent multiplied by the monthly average USD/MYR rate. Daily prices, physical cargo prices and futures can differ by tens of dollars. Crude oil is only part of a retail fuel price, which also includes refining margins, distribution, taxes and, in Malaysia, subsidies. The real comparison uses CPI up to July 2026 because September CPI is not yet out. None of this is a forecast of future oil or pump prices.
Questions & answers
Is oil more expensive in ringgit now than in 2008?
In nominal terms, yes. September 2026 averaged RM475.22 a barrel against RM435.16 in July 2008 (CapsWindow calculation). The ringgit record is still June 2022 at RM528.62. After inflation, July 2008 is worth about RM593 in today's ringgit, so September 2026 is roughly 20% lower in real terms.
Why did RON95 stay at RM1.99 when crude oil jumped?
BUDI95 RON95 is a targeted subsidised price set by the Ministry of Finance for eligible Malaysians, within a monthly quota. The government absorbs the difference. Unsubsidised RON95 follows the market and rose from RM2.56 a litre at end-2025 to RM4.62 for 15-21 October 2026.
Did the oil spike push up Malaysian inflation?
Only a little so far. Headline inflation was 1.9% in August 2026 and the transport component 2.0%, because most drivers pay the subsidised price. Public transport fares rose 10.5%. September CPI has not been published yet.
Source
- World Bank - Commodity Price Data (Pink Sheet), monthly prices, Crude oil Brent ↗
- OpenDOSM - Exchange rates (BNM, monthly average) ↗
- CapsWindow - Data & methodology ↗
- data.gov.my - Fuel prices (Ministry of Finance) ↗
- DOSM - Consumer Price Index, August 2026 ↗
- Ministry of Finance - BUDI95 adjusted to 200 litres a month, price stays RM1.99 (26 March 2026) ↗
- US EIA - Short-Term Energy Outlook, October 2026 ↗
- US EIA - Europe Brent spot price FOB, daily ↗