Bahlil: Non-subsidised fuel prices could fall if oil price downtrend continues

Energy and Mineral Resources Minister Bahlil Lahadalia has opened the possibility of lowering non-subsidised fuel prices if the global crude oil price downtrend continues. Bahlil said the government is currently calculating the impact of global oil price movements and will soon hold a meeting with PT Pertamina (Persero) and other fuel business entities to discuss possible price adjustments. “I have done the calculations and I will hold a meeting with business entities from Pertamina and several other business entities. When world oil prices fall, we will adjust,” Bahlil said at the Presidential Palace Complex in Jakarta on Monday. According to him, the government remains cautious in making decisions because the Indonesian Crude Price and world oil prices are still fluctuating. Bahlil stressed that the policy of adjusting non-subsidised fuel prices must consider the balance between consumer interests and the business sustainability of oil and gas industry players. “So in conditions like this, we are looking for a wise formulation that does not burden the users, especially the non-subsidised ones. This totals 20 percent, these are our brothers and sisters who are well-off. But we also do not want to burden business actors in the oil sector,” Bahlil explained. In addition to discussing fuel prices, Bahlil confirmed he had reported to President Prabowo Subianto regarding cooperation on the procurement of crude oil and fuel with several countries. He said the national energy supply is guaranteed to be secure until the end of the year. “Alhamdulillah, we are also clear until, God willing, the end of the year, there are no problems. Of course, we also ensure that there will be absolutely no increase in subsidised fuel prices,” Bahlil concluded.