Revealed, It Turns out That This is The Mastermind behind the Rising Fuel Prices in Indonesia

Revealed, It Turns out That This is The Mastermind behind the Rising Fuel Prices in Indonesia

The price of fuel oil (BBM) has increased significantly recently.
Regarding this, the President Director of PT Pertamina (Persero) Nicke Widyawati revealed the reason for the current high price of fuel.

She explained that this was related to the soaring price of world crude oil or crude palm oil (CPO).

This year's CPO price has managed to penetrate 100 US dollars per barrel whereas last year it was only 60 US dollars per barrel.

"What makes this fuel so expensive? Because 92 percent of the cost of fuel production is crude. Crude prices have increased tremendously," Nicke said in a Hearing Meeting (RDP) with Commission VII DPR RI, Wednesday (6/4/2022).

"That's why in the state budget we set the assumption at 63 dollars per barrel and today I was browsing at 118 dollars per barrel, so the increase is almost 2x. In fact, on March 25, the increase was to 124 dollars per barrel," continued Nicke.

Here are some facts about the increase in fuel prices in Indonesia:

Fuel Prices Rise Worldwide
Nicke revealed that the increase in fuel prices does not only occur in Indonesia.

But simultaneously all over the world.

"The increase is not only in Indonesia," she said.

Fuel Prices in Indonesia One of the Cheapest in the World
Given the soaring price of fuel in the world, the price of fuel in Indonesia remains one of the cheapest in the world.
This can happen because of subsidized assistance from the government.

She said the cheap fuel prices in Indonesia occurred because Pertamina, which is a state-owned company, understands the community's economic difficulties.
So there are subsidies for some Pertamina products.

Namely Solar, Pertalite, and also Pertamax.
For diesel, the government subsidy is Rp. 7,800 per liter.
Then Pertalite is subsidized between Rp. 4,000 to Rp. 4,500 per liter.
Meanwhile, Pertamax is subsidized by the government at Rp. 3,500 per liter.

Pertamax Price Increases to IDR 12,500 per Liter.
Previously, on April 1, 2022, Pertamina officially raised the price of Pertamax type general fuel (BBM) to Rp 12,500 per liter.

This is in line with the Decree of the Minister of Energy and Mineral Resources (Kepmen) No. 62 K/12/MEM/2020 concerning Basic Price Formula in Calculation of Retail Sales Prices for General Fuel Oil Types of Gasoline and Diesel Oil Channeled Through Public Fuel Filling Stations.• (BI)

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