Indonesia's Fuel Prices Remain Stable as Prabowo Plans to Increase Subsidy Budget

Jakarta - The Ministry of Energy and Mineral Resources (ESDM) has confirmed that fuel prices will not increase in the near term. President Prabowo Subianto is planning to increase the subsidy budget to maintain energy price stability amid soaring global oil prices.

Energy and Mineral Resources Minister Bahlil Lahadalia stated that the decision was discussed during a limited meeting with the President. The government has decided that fuel prices will not be raised at least until after Eid al-Fitr celebrations.

Bahlil said the government would respond by increasing the subsidy budget to prevent price increases. The Indonesian Crude Price (ICP) assumption in the national budget was set at US$70 per barrel, whilst current crude prices have reached approximately US$100 per barrel.

“In a recent meeting with the President, there will be no fuel price increase until after Eid al-Fitr. The state will address this by increasing the subsidy budget,” Bahlil said in a podcast.

He urged the public not to engage in panic buying of fuel amid global uncertainty caused by Middle East conflicts. The government assures that energy supply remains secure and fuel and LPG prices will not increase.

“I ask everyone not to panic buy. God willing, the state will ensure our fuel and LPG supplies are available,” Bahlil said.

President Prabowo Subianto held a meeting with several Cabinet ministers at Hambalang, Bogor, West Java, to discuss strategic national measures and preparations for Eid al-Fitr. The gathering included the Coordinating Minister for Economic Affairs Airlangga Hartarto, Finance Minister Purbaya Yudhi Sadewa, Energy Minister Bahlil Lahadalia, Agriculture Minister Amran Sulaiman, and Marine and Fisheries Minister Sakti Wahyu Trenggono.

Also present were the Minister of Agrarian Affairs and Spatial Planning Nusron Wahid, Minister of Higher Education, Science, and Technology Brian Yuliarto, Defence Minister Sjafrie Sjamsoeddin, TNI Commander General Agus Subiyanto, State Secretary Prasetyo Hadi, and Cabinet Secretary Teddy Indra Wijaya.

The strategic meeting focused on two main government agendas: first, evaluating progress on food and energy self-sufficiency programmes, and second, ensuring the availability of foodstuffs and LPG supply ahead of Eid al-Fitr.