Fuel Prices Still Below Shell, Vivo, To Total, Ahok Hopes Pertamina This Year Still Raises IDR 1,430 Trillion In Revenue In 2022

JAKARTA - President Commissioner of PT Pertamina (Persero), Basuki Tjahaja Purnama alias Ahok, hopes that in 2022 Pertamina will still reap revenue growth even though it has never increased the price of fuel oil (BBM) for two consecutive years since 2020 and 2021.

"If this year Pertamina still has not raised prices, by doing a lot of cost optimization, hopefully, this year we can still get US$100 billion (around IDR 1,430 trillion)", Ahok said at the DBSI Spring Festival which was held virtually, Thursday 10 February.

Ahok said, for the past 2 years Pertamina has sold fuel prices that are always below the price of other business entities such as Shell, Vivo, and Total. Although it did not increase prices, in 2018-2019, Pertamina recorded a profit (net profit) of around US$2.5 billion. Then, in 2020, Pertamina also made a profit of around US$1.1 billion.

"Fortunately, we have a law that stipulates that Pertamina's losses must be compensated for even though it is only 50 silver, so we can still make a profit", he said.

According to him, if the government changes the fuel subsidy scheme from a commodity-based subsidy, namely fuel, to a direct subsidy to people who are entitled to receive subsidies, the government can save up to US$5 billion in foreign exchange annually.

"If subsidies go directly to those in need or subsidized fuel is not transferred to the mines, the government can save a lot", added Ahok.