Jakarta. Energy and Mineral Resources Minister Bahlil Lahadalia signaled that Indonesia may raise prices of non-subsidized fuel again if global oil prices remain elevated, while assuring that subsidized fuel will stay unchanged as long as the country’s crude benchmark remains below a key threshold.

The remarks follow a recent price adjustment by Pertamina on April 18, which marked the first phase of increases affecting several non-subsidized fuels, including Pertamax Turbo, Dexlite and Pertamina Dex. Prices for Pertamax and Pertamax Green 95 were left unchanged.

“For non-subsidized fuel, prices are adjusted. This is the first stage, and the next will depend on global oil movements,” Bahlil said at the Energy Ministry office in Central Jakarta on Monday. “If global prices fall, there will be no increase. But if they stay at current levels, further adjustments are likely.”

Bahlil said non-subsidized fuel prices are tied to market mechanisms and fluctuations in global crude prices. In contrast, the government retains control over subsidized fuel prices through a set formula outlined in a 2022 ministerial regulation.

While Pertamax is technically a non-subsidized fuel, it has not been included in the latest price hike, reflecting government concerns that a price increase could trigger a shift by consumers to subsidized Pertalite, potentially straining the subsidy budget.

“The government can guarantee subsidized fuel prices. The formula is already clear,” he said.

According to Bahlil, subsidized fuel prices will remain stable as long as the annual average of the Indonesia Crude Price stays below $100 per barrel. He added that Indonesia’s ICP has averaged around $76 per barrel from January through April 20 this year.

While global oil prices briefly surged to as high as $105–$106 per barrel earlier this year, the trend has since eased, keeping the annual average below the subsidy threshold.

“We continue to monitor ICP movements closely. It’s something I check every day,” Bahlil said.

Data from Pertamina Patra Niaga show that in Jakarta, Pertamax Turbo prices have risen to Rp19,400 per liter from Rp13,100, while Dexlite increased to Rp23,600 from Rp14,200 and Pertamina Dex to Rp23,900 from Rp14,500.

Meanwhile, Pertamax remains priced at Rp12,300 per liter and Pertamax Green 95 at Rp12,900. Subsidized fuels have also remained unchanged, with Pertalite at Rp10,000 per liter and Biosolar at Rp6,800.

The government’s pricing stance underscores its dual approach: allowing market-driven adjustments for non-subsidized fuels while maintaining price stability for subsidized products to shield lower-income consumers from volatility.