Video: Soaring Coal-Nickel Prices, Will Indonesia Implement Windfall Tax?

Tensions in the Middle East have triggered a surge in global commodity prices beyond crude oil, including coal prices which have jumped around 41% since the beginning of 2026 to touch USD 130 per tonne. This commodity price surge is said to offer an opportunity for Indonesia to experience a windfall that could elevate the country’s foreign exchange. Deputy for Coordinating the Management and Development of SOE Businesses at the Indonesian Coordinating Ministry for the Economy, Ferry Irawan, stated that the impact of rising coal prices up to copper, nickel, gold, and CPO represents potential to drive state revenues. The potential state revenues from the surge in prices of Indonesia’s flagship export commodities are still being calculated in relation to volumes and the extent of the increases, as well as their impact on the state budget structure. Meanwhile, regarding plans to implement a windfall tax policy, it is currently under government study due to its relation to state revenues and its effects on industry sustainability and business players.