World Oil Price Rockets to US$118 Per Barrel; Bahlil Guarantees Pertalite Price Won't Rise

Jakarta – Indonesia’s Minister of Energy and Mineral Resources, Bahlil Lahadalia, has assured the public that subsidised fuel prices, particularly Pertalite, will not increase despite crude oil prices reaching US$118 per barrel.

“I assure you that until the end of the religious holiday, there will be no increase in subsidised fuel prices, God willing,” Bahlil stated at the Energy and Mineral Resources Ministry office in Jakarta on Monday, 9 March 2026.

He further emphasised that fuel supply remains reliable to meet public demand during the Ramadan period and Eid al-Fitr celebrations. He urged citizens to remain calm and avoid panic buying.

“Fuel supply is not problematic. Everything is guaranteed for Ramadan and Eid al-Fitr; there are no issues,” Bahlil said.

According to Sputnik reports, Brent crude oil prices have surged to US$118 per barrel for the first time since 17 June 2022, triggered by the escalation of conflict between the United States and Israel against Iran.

Regional tensions have intensified since the US and Israel launched a major assault on Iran on 28 February 2026, which has reportedly killed more than 1,000 people, including Iran’s Supreme Leader Ali Khamenei, over 150 schoolgirls, and several high-ranking military officials.

Iran has retaliated with a series of large-scale attacks targeting US military bases, diplomatic facilities, and military personnel throughout the region, as well as several Israeli cities. The attacks continue to escalate.

On Sunday, 8 March 2026, the US and Israel launched airstrikes targeting Iran’s oil storage facilities in Tehran and surrounding areas. The strikes caused severe damage to several storage facilities, including the Shahran Oil Depot.