RI's March oil prices surge

RI's March oil prices surge

TOKYO (Dow Jones): Unofficial prices for Indonesian crude grades for March have all jumped from official February levels, according to industry calculations released late Tuesday.

Price increases ranged from US$1.42 a barrel to $1.57/barrel.

Indonesia's state-owned oil company Pertamina has yet to approve the calculations as official Indonesian Crude Price figures. The company usually adopts the prices indicated by its own formula several weeks after the unofficial prices are calculated.

Sumatra Light Crude, or Minas, for March is unofficially set at $12.03/barrel, up $1.47/barrel from its February ICP of $10.56/barrel. Duri climbed to $11.12/barrel, up by $1.42/barrel from $9.70/barrel in February. Widuri is at $11.46/barrel, up $1.42/barrel from $10.04/barrel in February.

Cinta is at $11.66/barrel unofficially, up $1.43/barrel from $10.23/barrel in February. Belida for March is at $12.83/barrel, $1.57/barrel higher than $11.26/barrel in February.