Energy and Mineral Resources Minister Guarantees Safe Stock, Subsidized Fuel Prices Will Not Rise Until the End of the Year

JAKARTA - Energy and Mineral Resources Minister Bahlil Lahadalia ensures that the national energy stock is in a safe condition and the subsidized fuel price will not rise until the end of the year.

Bahlil said the government had secured the need for crude or crude oil for the next year. The supply covers the period from this month to December.

"At the direction of the President, I followed up on crude one year from this month to December, God willing, it is safe. So we don't have to worry," Bahlil told reporters at the Presidential Palace complex, Jakarta, Thursday, April 16.

He also ensured that energy stocks were above the minimum limit. "I convey to the public that God willing our stocks are above the minimum standard, whether it is solar, whether it is gasoline, or LPG. God willing, it is safe," he said.

Regarding the price, the government is aiming for the best level of purchase. "Obviously we will try not to be more than the market price," said Bahlil.

Bahlil then emphasized the government's attitude regarding subsidized fuel. "The price of subsidized fuel will not be raised until the end of the year," he said.

He explained that the state budget was still able to withstand pressure if the world oil price reached 100 US dollars per barrel. Currently, the average ICP price is still below 77 dollars.

This means that there is still a fiscal space. But the space is thin. Indonesia still imports around 1 million barrels of oil per day. As long as this dependence has not changed, the promise of stable prices will always depend on the world oil price not soaring.