The Impact of Oil Prices and Oil Consumption Patterns on Oil Procurement Choices: A Case Study on Crude Palm Oil at Eagle High Plantations Tbk

Abstract

The primary objective of this research is to examine the impact of oil prices and consumption patterns on the decision-making process of buying oil within the Crude Palm Oil sector. Two hundred respondents, the firm's consumers, were included in the data collection process. The factors that were observed in this study were the price of oil (X1), the consumption behavior related to oil use (X2), and the purchasing choice of oil (Y). The analysis included many statistical tests, including validity testing, reliability testing, multiple regression analysis, simultaneous F testing, and partial t-testing. The study's findings indicate a statistically significant and positive relationship between oil prices and the decision-making process about the purchase of oil. The escalation in oil prices is likely to enhance the potential for consumers to get oil from the Crude Palm Oil sector. Furthermore, the use of oil exhibits a noteworthy and favorable impact on the inclination to get oil. In order to enhance product appeal and customer happiness, companies need to prioritize implementing an appropriate pricing strategy and have a comprehensive understanding of consumer behavior patterns and preferences.