Loyo Commodity Price, Minister Of Finance Estimates Revenue From Declining Natural Resources

Finance Minister Sri Mulyani estimates that Non-Tax State Revenue (PNBP) will decrease in 2024. (photo: Instagram @smindrawati)

JAKARTA - Finance Minister Sri Mulyani estimates that Non-Tax State Revenue (PNBP) will decrease in 2024. PNBP is estimated to fall 8.3 percent from the 2023 outlook to IDR 473 trillion. This decline will be due to the price of a number of natural resources (SDA) which is expected to decline.

"If we look at the price of commodities, it tends to decrease, PNBP meals from SDA are not expected to be as high as 2022 and 2021," Sri Mulyani said at the 2024 Financial Note and RAPBN Press Conference quoted Thursday, August 17.

The 2024 PNBP was observed to have decreased compared to the 2023 PNBP outlook which was pegged at IDR 515.8 trillion. This country's share of several commodities that show price reduction trends, namely natural gas, coal and crude palm oil (CPO).

"Meanwhile, the price of oil has recently increased because Saudi Arabia has kept prices at a fairly high level," added Sri Mulyani.

Sri Mulyani noted that the price of natural gas was observed to have decreased by 32 percent year to date (ytd) compared to December 2022, which was set at 4.11 US dollars per MMBTU to 2.80 US dollars per MMBTU as of AUGustus 14, 2023.

Then the price of coal fell 63.8 percent from December 2022 which was set at 404.15 US dollars per Metric TON (MT) to 146.50 US dollars per MT. Meanwhile, Brent's petroleum rose 2.2 percent from December 2022 amounting to 84.97 dollars per Barrel to 86.85 US dollars per Barrel on August 14.

Finally, the CPO price fell 12.5 percent from December 2022, which was set at 915.4 US dollars per ton to 801.2 US dollars per ton on August 14, 2023.

To overcome the decline in PNBP in 2024, Sri Mulyani said that the government would take several steps such as maximizing BUMN dividends, innovation and service quality from the Ministry/Institutions that have a Public Service Agency (BLU) including the Police for SIM and STNK. "And strengthening supervision and Compliance with Mandatory Payments (WB) PNBP," concluded Sri Mulyani.