Oil prices exceed 100 US dollars, Prabowo summons Bahlil to Palace
Jakarta — President Prabowo Subianto has summoned several ministers from his Red and White Cabinet, including Energy and Mineral Resources Minister Bahlil Lahadalia, to attend a limited session at the Indonesian Presidential Palace in Jakarta on Tuesday afternoon.
Speaking to journalists upon arrival carrying a white folder, Bahlil suggested the emergency meeting at the Palace would likely address global crude oil prices that have exceeded 100 US dollars per barrel as a result of escalating tensions in Gulf countries and the Middle East.
“Yes, we have been invited to a meeting by the President today. As for what will be discussed, I will provide information after the meeting. But my feeling is it will still relate to preparations for Eid al-Fitr celebrations, food availability, fuel, and how to respond to the current developments regarding tensions in the Middle East. As we know, yesterday fuel prices rose above 100 dollars per barrel,” Energy and Mineral Resources Minister Bahlil Lahadalia said when arriving at the Palace on Tuesday afternoon.
However, Bahlil continued, global oil prices had fallen below 100 US dollars today. Nevertheless, he noted the prices remain volatile.
“Today, prices have already fallen below 100 dollars per barrel, dropping to around 80-90 dollars. So there is very rapid fluctuation occurring. That is likely what we will discuss in the meeting,” Bahlil said.
In the same statement, Bahlil explained that volatile global oil prices would impact the government budget.
“If the fluctuations continue, the impact on the budget means the government will need to increase spending on subsidies. However, we are working to mitigate this by seeking alternative energy sources beyond fossil fuels, including increased use of biofuel energy,” said the Energy Minister.
President Prabowo has summoned several of his ministers, including Energy and Mineral Resources Minister Bahlil Lahadalia, since the weekend (8 March) and again on Monday (9 March) for meetings to discuss government energy policy amid the conflict situation in Western Asia, which threatens global crude oil supplies.