Hashim Optimistic That Oil and Fuel Prices Could Decrease Again
Jakarta, CNBC Indonesia - The Special Envoy of the President of the Republic of Indonesia for Climate and Energy, Hashim Djojohadikusumo, is optimistic that global oil prices could decrease again. He believes that geopolitical conflicts in the Middle East will subside and the Strait of Hormuz could be reopened.
Hashim also urged the public not to be influenced by social media issues regarding supply and national energy security conditions. He emphasised that the outlook for Indonesia’s energy sector remains secure and is poised to improve.
“I think we do not need to be influenced by social media claims about Indonesia being dark or dim; Indonesia is bright, and it will become even brighter. If the Strait of Hormuz is opened, and President Trump returns to his role, oil prices and fuel prices will drop. I believe diesel supplies will emerge again. At this moment, I remain optimistic,” Hashpend stated during the Investor Daily Summit 2026 in Jakarta on Wednesday (7/10/2026).
Hashim assessed that currently, oil-producing countries (OPEC), and particularly Indonesia, are not the price-setters for global oil. He believes the United States is the primary determinant of global oil prices at present.
“There is only one thing, oil prices. But those prices are not determined by the Indonesian Government. Oil prices are not determined by OPEC. Oil prices are determined by President Donald Trump. If he ends the war with Iran, oil prices will fall. Hashim might be sad because oil prices are dropping. But that is fine, there is still plenty of profit to be made,” he added.
Alongside global oil price developments, the government is strengthening national energy security through the accelerated utilisation of biofuels, ranging from B50 to B100.
The use of biodiesel will utilise 12.7 million hectares of degraded or damaged forest land, without the need for clearing primary forests.
Efforts to provide renewable energy and biofuels are in line with the government’s commitment to implementing the principle of balanced growth. This strategy is designed to stimulate national economic growth while simultaneously maintaining environmental sustainability.
“We are very optimistic; Indonesia is bright. We will grow, and our economy will increase through a balanced strategy. Growth with balance, balanced growth. We will pay attention to and prioritise the environment,” he concluded.
As is known, oil prices throughout September 2026 continued to rise above US$90 per barrel, even touching US$108.75 per barrel on 15 September 2026. Although October 2026 has seen a relative decline, Brent crude prices in early October remained above US$100 per barrel.