Jakarta \u2014 Indonesia\u2019s Minister of Energy and Mineral Resources\n(ESDM), Bahlil Lahadalia, has guaranteed that subsidised fuel prices\nwill not increase through Eid al-Fitr, despite global crude oil prices\nsurging and temporarily exceeding $100 per barrel.<\/p>\n
Bahlil, speaking before attending a limited meeting at the Indonesian\nPresidential Palace in Jakarta on Tuesday, explained that he had\ndiscussed subsidy matters with Finance Minister Purbaya Yudhi\nSadewa.<\/p>\n
\u201cThe government held discussions yesterday with the Finance Minister,\nand I can assure you regarding fuel subsidies \u2014 through Eid al-Fitr, God\nwilling, there will be no increases whatsoever. The state is committed\nto ensuring that even if global crude oil prices rise, subsidised fuel\nprices remain unchanged,\u201d Bahlil said in response to journalists\u2019\nquestions.<\/p>\n
In a separate statement at the same location, Finance Minister\nPurbaya outlined that budget availability for fuel subsidies,\nparticularly during the Ramadan period through Eid al-Fitr, remains\nsecure.<\/p>\n
\u201cWe remain secure and strong financially. This price increase has\nonly occurred over the past few days. Our subsidy budget covers the\nentire year, with an annual average assumption of $70 per barrel. These\nprice movements have only persisted for a few days, so it is\ninsufficient to alter our budget. We can still absorb these increases,\u201d\nPurbaya told journalists.<\/p>\n
Speaking before the press, Bahlil noted that global crude oil prices\nhave currently fallen below $100 per barrel. Global crude oil prices, he\nstated, remain volatile in the $80\u201390 range per barrel.<\/p>\n
Likewise, Purbaya expressed belief that global crude oil prices will\ncontinue to fluctuate.<\/p>\n
\u201cPrices can rise and fall rapidly. We observe and confirm whether\nprices genuinely rise or fall sustainably. If prices rise for a few days\nor weeks, we can anticipate a continued increase. However, in this case,\nprices rise then suddenly fall again. Should oil prices decline later,\nwe would need to adjust our response again, which becomes complicated.\nTherefore, determining a state budget response requires more caution\nthan responding to stock market movements,\u201d Purbaya explained.<\/p>\n
Consequently, Purbaya continued, the government will monitor global\ncrude oil price trends for some time before implementing policies to\nrespond to these dynamics.<\/p>\n
\u201cI believe a month of observation is sufficient, given that prices\nare constantly changing. Previously, crude oil reached $120 per barrel,\nwhich was high. Now it stands at around $90 per barrel. What if it falls\nfurther? Prices keep changing, so we need to anticipate what the actual\ndirection might be,\u201d Finance Minister Purbaya said.<\/p>", "url": "https:\/\/jawawa.id\/newsitem\/energy-minister-guarantees-subsidised-fuel-prices-will-not-rise-until-eid-al-fitr-1773143626", "image": "" }, "sponsor": "Okusi Associates", "sponsor_url": "https:\/\/okusiassociates.com" }