Global Oil Prices Rise; Commission XI to Summon Finance Minister Purbaya

JAKARTA — Commission XI Chairman Muhammad Misbakhun has announced plans to invite Finance Minister Purbaya Yudhi Sadewa to discuss the implications of rising global oil prices. The increase in crude oil prices poses a risk to the state budget, as the government bears the cost of fuel subsidies.

“We will schedule this,” Misbakhun said when met at Parliament Complex, Senayan, Jakarta, on Tuesday (10 March 2026).

Global crude oil prices briefly exceeded USD 100 per barrel on Monday (9 March 2026) before falling to USD 80 per barrel on Tuesday (10 March 2026). Prices have surged from USD 63.5 per barrel on 26 February.

According to Misbakhun, the volatility in global oil prices indicates the current situation remains uncertain. He urged all parties to avoid reactive responses and to exercise caution before responding.

“As evidence, oil today returned to near USD 80, not overly extreme. So in my view, our response should be measured. Wait and see. We should not react to every movement,” Misbakhun said.

However, Misbakhun reminded the government to prepare multiple scenarios to provide a buffer for the state budget. In the 2026 state budget, the government has allocated crude oil purchases based on an assumption of USD 70 per barrel.

“When it exceeds 70, there is certainly a risk,” he said.

The Golkar party politician stated that rising global oil prices need not automatically trigger domestic fuel price increases. The government could distribute part of the burden to consumers and part to the state budget.

Another option is for the government to maintain current fuel prices despite higher global crude oil costs, which would place pressure on the state budget.