April 16, 2026 | 08:53 pm
TEMPO.CO, Jakarta - Indonesia is not planning to raise fuel prices until 2027, said Minister of Energy and Mineral Resources Bahlil Lahadalia, adding that he hopes to maintain this condition as long as possible.
According to Bahlil, the national oil reserve is currently above the minimum standard. "Both for solar, gasoline, and LPG (liquefied petroleum gas)," he said after meeting President Prabowo Subianto at the Jakarta Presidential Palace on Thursday, April 16, 2026.
Based on this condition, Prabowo has mandated not raising subsidized fuel prices. "Under the President's directive, the price of subsidized fuel will not be raised until the end of the year," said Bahlil.
The former investment minister expressed his hope for fuel prices to remain unchanged, even indefinitely.
Bahlil said oil prices hinge on the movement of the Indonesian Crude Price (ICP), but said the state budget could still support energy subsidies if ICP remains under US$100 per barrel. The current ICP is parked at around US$77 per barrel.
At the same occasion, Bahlil said Russia is ready to supply oil to Indonesia, after a meeting with the Russian delegation following Prabowo and Putin's Moscow talks.
Bahlil then reported the results of his negotiations to Prabowo today.
Indonesia, he said, still requires imports due to an oil supply deficit, as fuel consumption reaches 1.6 million barrels per day, while domestic oil lifting ranges from 600,000 to 610,000 barrels per day.
"Amid this global condition, we must seek sources from various countries," he said.
Read: Removing Fuel Subsidies Does Not Hurt Logistics, It Corrects Systemic Distortion
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