Rupiah Nears Rp17,900 as ESDM Implements Strategy to Curb Subsidised Fuel Price Increases

JAKARTA – Deputy Energy and Mineral Resources Minister (ESDM) Yuliot Tanjung stated that boosting domestic production is the government’s strategy to maintain energy security amid rupiah depreciation.

The rupiah in the spot market has neared Rp17,900 per US dollar.

It stood at Rp17,880 per US dollar on Friday, 29 May 2026, at 4:00 PM WIB.

Tanjung said the government is pushing for increased oil production and readiness of domestic refineries to ensure stable energy supply.

The measures also aim to curb subsidised fuel price hikes amid global dynamics and currency fluctuations.

‘Regarding subsidised fuel price increases, as previously stated, our calculations indicate that domestic production is being boosted and domestic refineries are prepared,’ Tanjung said at the ESDM Ministry office in Jakarta on Friday (29 May 2026).

He noted that stocks of various fuels, including Pertalite and Solar CN48, remain adequate.

Non-subsidised fuels such as Solar CN51, Pertamax, and Pertamax Turbo are also sufficient to meet national demand.

‘As for fuel availability, we have operational reserve indicators. Our current reserves are well above the minimum required,’ he added.

Previously, Energy Minister Bahlil Lahadalia stated the government has no plans to raise subsidised fuel prices despite crude oil price surges.

Bahlil said the government is still working to keep subsidised fuel prices stable until year-end.

This assurance aligns with President Prabowo Subianto’s directives.

‘Price hikes are not planned; we will not increase subsidised fuel prices, InsyaAllah. Please pray that we do not raise them until year-end,’ Bahlil said at the ESDM Ministry in Jakarta on Tuesday, 19 May 2026.