Finance Minister: Fuel Prices Can Be Maintained Until Year-End

Yogyakarta — Indonesia’s Finance Minister Purbaya Yudhi Sadewa has stated that the government currently possesses the financial capability to maintain fuel prices until the end of the year amid mounting pressure from global energy costs resulting from Middle Eastern conflicts.

“There is currently no calculation for raising fuel prices because we still have sufficient funds for the current fuel price level,” Purbaya said after visiting Beringharjo Market in Yogyakarta on Tuesday.

Purbaya noted that the government is relying on the State Budget (APBN) as a shock absorber to protect public purchasing power.

“The budget’s function is to absorb external shocks. At present, the government’s APBN is doing the absorbing,” he stated.

He added that this fiscal capacity enables the government to maintain fuel prices through year-end, pending presidential approval.

“If we have this much, and if the president agrees, it’s possible until the end of the year. So I have quite substantial funds available. These remaining resources are something the commentators don’t know where to find,” he remarked.

Earlier, PT Pertamina reported that global crude oil prices have soared beyond $100 per barrel as a result of escalating Middle Eastern tensions. The price spike has been driven by increased geopolitical tensions, which are impacting energy supply and distribution globally and creating upward pressure on international oil markets.

“Pertamina continues to monitor global oil price dynamics, which are currently in the range of $100 per barrel,” said Pertamina Vice President for Corporate Communication Muhammad Baron.

Additionally, Pertamina is maintaining communication with the government regarding national energy policy in response to the surging global oil prices.