Jakarta, March 28 (Antara) - The government is set to lower fuel prices next month but before that, it needs to formulate a correct price so that it does not affect the stability in commodity prices.
Energy and Mineral Resources Minister Sudirman Said stated on Monday that based on studies, commodity prices did not automatically go down when the fuel oil prices were lowered. The impact was small.
However, if fuel prices are raised, even though slightly, it would lead to commodity prices going up.
Therefore, before announcing its planned new fuel price adjustment in April, the government is working to formulate a new price cut scheme, taking into account various factors.
"With a correct formulation, fuel prices will not increase or drop drastically," the minister pointed out.
The minister said his side is monitoring the price movement in the run up to June because that will be a fasting month and a time for Lebaran post-fasting festivities when people need government support (no price increase).
"Additionally, in July, there will be the holiday season. So, we will do our best not to increase (fuel oil) prices in June and July. It is for this purpose that we are working out a correct formula," remarked the minister.
"We will shortly announce an adjustment in the fuel oil prices. Right now, we are still trying to arrive at a good formulation, so that we can maintain price stability," Minister Sudirman noted.
Sudirman revealed that the fuel price adjustment will be announced in the near future by I Gusti Nyoman Iratmadja Puja, director general of oil and gas of the Ministry of Energy and Mineral Resources.
"We will come to a conclusion only in a day or two. The drop will be significant," Minister Sudirman Said stated after a coordination meeting on the subject last week.
The new fuel prices will be effective from April 1 to June 30, 2016, consistent with the oil price policy set forth every quarter by virtue of the Energy and Mineral Resource Ministry's decision.
Based on information obtained by Antara, the government will announce new fuel prices in April after deliberating upon the price adjustment in March. The new prices will be effective in the second quarter (April, May and June).
Currently, the prices of premium gasoline are set at Rp7,050 per liter in Java and Bali areas and Rp6,950 per liter outside these areas. The price of subsidized diesel fuel is Rp5,650 per liter.
The prices of Pertamax Plus, Pertamina Dex and Pertalite fuel types have been cut by Rp200 per liter since March 15, 2016.
Non-subsidized diesel and bio-diesel fuel prices were cut by Rp400 per liter for all regions. Thus, the prices were reduced from Rp8,950 per liter to Rp8,750 for Pertamax Plus, from Rp8,800 to Rp8,600 for Pertamina Dex and from Rp7,700 per liter to Rp7,500 for Pertalite.
In an effort to maintain fuel price stability, the government also underlined the importance of maintaining fuel reserves overseas.
These reserves are a necessity in current times, according to Minister Sudirman Said. "We will store fuel abroad and must start doing so immediately," Sudirman noted.
Indonesia needs to do so as it does not have adequate storage facilities. However, the step would have to be taken immediately since the oil prices are still relatively low.
"If you have the money, it is better to buy now, but currently, we do not have sufficient storage facilities. Hence, the way out is to buy and stockpile at the seller country's facility, just as what other buyers do," the minister explained.
Regarding the new fuel prices, the government has been reminded to exercise caution.
"It should exercise caution in setting the prices of premium gasoline and diesel oil for the April-June 2016 period due to a fluctuation in global oil prices," Executive Director of the Energy Watch Indonesia Ferdinand Hutahaean said.
The fuel prices for the period will surely use Mean of Plats Singapore (MOPS) for the January 25-March 24, 2016 period when the global oil price hit its record low, he said in a press statement released on Thursday (March 17).
If that is the case, the fuel prices will fall short of expectation at the expense of the government's and state oil and gas company Pertamina's interests, he said.
He noted that the global oil prices were currently showing an upward trend after they fell in January and February.
The fuel prices for January-March 2016 period are based on MOPS and average exchange rate in the September 25-December 24 period. As a result, the diesel oil price is set at Rp5,650 per liter and non-subsidized premium gasoline price is set at Rp6,950 per liter for Java, Madura and Bali and at Rp7,050 per liter for the rest of the country.
According to Ferdinand, if the government lowers fuel prices according to the average MOPS for the January-March 2016 period, the decline will not automatically push up economic growth.
Energy analyst Komaidi Notonegoro, who is also the executive director of Reforrminer Institute, said fuel price formula had actually been regulated in the decree of the minister for energy and mineral resources. Thus, what remains to be done is to evaluate and set the prices monthly, bi-monthly or quarterly.
"In essence, the current price should be the average of the previous prices," Komaidi Notonegoro added.
According to the Reforminer Institute executive director, what is expected by the people and businesses is fuel price certainty.There should be no rigidity in arriving at a formula to fix prices.
Moreover, Indonesia now has become a net fuel importer. It is waiting for the prices to become economically viable.
"As long as fuel prices reach economic viability level, it will be good for all. The government needs a solution for people who do not have adequate purchasing power yet. But it should not continue to maintain fuel oil subsidy because it would not be good for the country in the long run," Komaidi said. ***3***(A014/INE)EDITED BY INE/H-YH
(T.A014/A/BESSR/A/Yosep) 28-03-2016 22:52: |
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