Bahlil: Fuel Stock Sufficient, Public Need Not Panic Buy
The Minister of Energy and Mineral Resources, Bahlil Lahadalia, has stated that the public need not engage in panic buying of fuel. According to Bahlil, people should remain calm amid fluctuations in global oil prices resulting from conflict in the Middle East.
“I advise and urge that there is no need for panic buying because our fuel stock is indeed adequate,” said Bahlil at the Presidential Palace in Jakarta on Tuesday, 10 March 2026.
According to Bahlil, Indonesia’s current fuel storage capacity is sufficient for 21 to 25 days. However, he stated that fuel stocks are continuously replenished as they diminish. He claimed that the domestic fuel industry continues to operate whilst imported oil from abroad faces no difficulties.
Bahlil assessed that the Middle Eastern conflict has had limited impact on domestic fuel stocks. This is because, he said, Indonesia only imports crude oil from the region.
Indonesia, he stated, has other fuel sources. “Refined oil we import from Southeast Asian countries and from domestic production. So there is no need for panic buying like that,” said the chairman general of the Golkar Party.
The closure of the Strait of Hormuz in the Persian Gulf due to conflict between the United States and Israel against Iran has resulted in a surge in global oil prices. The conflict in the region has now entered its eleventh day.
According to reports by Sputnik, Brent crude oil prices reached US$118 per barrel for the first time since 17 June 2022. This figure is higher when compared with the average oil price in January 2026, where Brent (ICE) was US$64 per barrel, and US WTI stood at US$57.87 per barrel.
On Tuesday, 10 March 2026, Brent crude oil prices fell to US$92.45 per barrel. The decline occurred after US President Donald Trump stated that the Middle Eastern conflict would soon end.
In the conflict between the US-Israel and Iran, military attacks have occurred in several regions, including central Iran and Beirut. The situation has intensified following reports that the Strait of Hormuz—a vital global energy trade route—remains effectively closed. This strait is known to be the route for approximately one-fifth of global oil distribution.
The closure of this strategic passage has also compelled several oil producers in the Persian Gulf region, including Saudi Arabia, to reduce production. This situation has raised concerns about global energy supply and prompted investors to shift towards safe-haven assets such as gold.