No Longer Rp12,300 per Litre: This is the Actual Economic Price of Pertamax Fuel
Jakarta, CNBC Indonesia - The price of Pertamax fuel, currently capped by the government at around Rp12,300 per litre, is still below its economic level.
Executive Director of the Center of Economic and Law Studies (CELIOS) Bhima Yudhistira assesses that the economic price for non-subsidised Pertamax stands at Rp18,740 per litre. Meanwhile, for Pertamina Dex, it is estimated to reach Rp25,560 per litre.
This results in a significant gap between the selling price and the economic price. For Pertamax, the difference is around Rp6,440 per litre, while for Pertamina Dex it reaches Rp11,060 per litre.
“The economic price for non-subsidised fuel is at Rp18,740 per litre for RON 92. Meanwhile, Pertamina Dex is at Rp25,560 per litre. The difference means the government bears compensation for RON 92 of Rp6,440 per litre and for Dex Rp11,060 per litre,” said Bhima to CNBC Indonesia, quoted on Monday (6/4/2026).
Bhima assesses that this gap ultimately has the potential to enter the government’s compensation scheme. This condition risks adding pressure to the state revenue and expenditure budget (APBN).
“Purbaya says the energy subsidy is swelling by Rp100 trillion, but adding compensation for non-subsidised fuel, the need is estimated above Rp130-150 trillion,” he said.
Separately, Economist from the Center of Reform on Economics (CORE) Indonesia Yusuf Rendy Manilet explained that the economic price of Pertamax fuel essentially depends on two main factors: global oil prices and the rupiah exchange rate against the US dollar.
According to him, with world oil prices still around US$80-90 per barrel and the rupiah exchange rate above Rp15,500 per US dollar, the current economic price for Pertamax is estimated in the range of Rp14,500 to Rp15,500 per litre.
“With the current conditions, oil prices are still relatively high at around 80-90 US dollars per barrel and the rupiah above Rp15,500, then roughly the economic price for Pertamax is in the range of Rp14,500 to Rp15,500 per litre,” said Yusuf.
Meanwhile, the current selling price of Pertamina’s Pertamax fuel product remains around Rp12,300 per litre. This means there is a difference of about Rp2,200 to Rp3,200 per litre compared to its economic price.
According to him, this gap essentially does not disappear but shifts to become a burden. In the short term, it is usually held by the business entity.
“In this case, Pertamina’s margins are pressured, and if the gap widens or persists for a long time, it ultimately has the potential to enter as a fiscal burden through a compensation scheme,” he said.
He explained that this is where the policy dilemma lies, where price capping does help maintain purchasing power and contain inflation, especially amid global uncertainties, but if it lasts too long, the risks will start to accumulate.
Not only Pertamina, but several private fuel station operators, such as BP-AKR and PT Vivo Energy Indonesia, are also holding prices. For example, private entities like BP for BP 92 are still monitored at Rp12,390 per litre. Similarly, Vivo’s Revvo 92 product is still maintained at Rp12,390 per litre.