Get ready, fuel prices could increase after June 2024

JAKARTA – Minister of Energy and Mineral Resources (ESDM) Arifin Tasrif opened the opportunity for an increase in fuel prices ( BBM ) in the midst of the war between Iran and Israel. As a result of the increasingly heated Middle East conflict, world crude oil prices have increased significantly.

“If this doesn’t end, there must be appropriate steps,” he said when met at the Director General of Oil and Gas Building, Friday (19/4/2024).

Also Read: Malaysia Cuts RON 95 Fuel Subsidy, Budget Burden Reaches IDR 276 T

He said that fuel price adjustments would likely be implemented after June 2024. This is because the government has determined that there will be no increase in fuel prices, both subsidized and non-subsidized, until that month.

“We have said that we will be detained until June 2024, considering that we will only recover. Don’t let this community be subjected to additional burdens,” he said.

Regarding fuel stocks, Arifin added, in the short term, guaranteed supply is needed. Currently, Indonesia imports 240 thousand barrels per day (BOPD) of crude oil from several countries such as Saudi Arabia to Nigeria. Indonesia also imports approximately 600 thousand BOPD of fuel from refineries in Singapore, Malaysia and India.

“Maybe that’s the most competitive thing in offering fuel prices,” concluded Arifin.

(nng)