Global Crude Oil Price Reaches US$113 per Barrel; Finance Minister Purbaya Sees No Economic Disruption to Indonesia Yet

Jakarta – The global crude oil price, which has breached the level of US$113.68 per barrel, has not yet had an impact on domestic economic activity.

This was stated by Finance Minister Purbaya Yudhi Sadewa following an inspection of Tanah Abang market in Jakarta on Monday (9 March 2026).

“I have not yet seen disruption to domestic economic activity because of the high price rise. But it has only been a short while,” said Purbaya.

Purbaya stressed that all parties should not be hasty in assessing whether the movement of global crude oil prices at present will continue to surge in the long term and affect domestic price levels.

He emphasised that daily movements in global crude oil prices do not immediately disrupt the government’s fiscal condition, as their effects only become apparent over monthly timeframes.

“So, colleagues, do not be quick to confirm or conclude that prices will remain at US$100. Even if you say US$150 and claim our budget will not be sufficient, we will assess this continuously over time,” said Purbaya.

He also stated that the Finance Ministry has conducted risk assessments or stress tests on crude oil prices against the burden of the state budget deficit. The stress tests used annual average oil prices rather than daily prices as currently observed.

In Purbaya’s stress test, if the annual average global crude oil price reaches US$92 per barrel, the state budget deficit would exceed the safe threshold of 3% and move to 3.6% of GDP.

“So, we are still below that. Therefore, we remain calm for now. Clearly, we will monitor this continuously, and I will not delay in making decisions if required,” said Purbaya.