Bahlil: Petrol Price Will Not Rise Despite Global Oil Reaching 118 US Dollars

Jakarta — The Minister of Energy and Mineral Resources (ESDM), Bahlil Lahadalia, has guaranteed that subsidised fuel prices, specifically Pertalite petrol, will not increase despite global oil prices reaching 118 US dollars per barrel.

“I want to reiterate once again that until the Eid celebration, God willing, there will be no increase in subsidised fuel prices,” said Bahlil when met at the ESDM Ministry office in Jakarta on Monday.

Bahlil has also reaffirmed that fuel supply remains reliable to meet public demand during the Ramadan fasting period and Eid al-Fitr celebrations.

He therefore urged the public to remain calm and avoid “panic buying.”

“There are no supply problems. Everything is guaranteed for Ramadan and Eid al-Fitr; there are no issues,” said Bahlil.

According to Sputnik, Brent crude oil prices reached 118 US dollars per barrel for the first time since 17 June 2022.

The surge in global oil prices has been triggered by escalating conflict between the United States and Israel against Iran.

Regional tensions have intensified since the US and Israel launched major strikes against Iran on 28 February 2026, which have reportedly killed over 1,000 people, including Iran’s Supreme Leader Ali Khamenei, more than 150 schoolgirls, and several senior military officials.

Iran has retaliated with a series of large-scale attacks targeting US military bases, diplomatic facilities, and military personnel across the region, as well as several cities in Israel. These attacks continue to escalate.

On Sunday (8 March), the US and Israel launched air strikes targeting Iran’s oil storage facilities in Tehran and its surroundings.

The strikes caused severe damage to several storage facilities, including the Shahran Oil Depot.