Pertamina’s Profit and Loss Can’t Be Compared to Petronas

JAKARTA, KOMPAS.com – Minister of State-Owned Enterprises (BUMN) Erick Thohir said, the problem of profit and loss of PT Pertamina (Persero) cannot be compared with oil and gas companies (Migas) from Malaysia, Petronas.

According to him, there is a fundamental difference why Pertamina cannot be compared with Petronas. He said that Petronas was already producing its own oil and gas, which would be in contrast to Indonesia, which still imports crude oil.

“It can’t be compared, for example, between Pertamina and Petronas, it’s different. Because Petronas produces, if we are Indonesia (Pertamina) the country imports,” said Erick Thohir in Jakarta, Wednesday (3/8/2022).

Read also: Like Earth and Heaven, Comparing Pertamina’s Vs Petronas Malaysia’s Profits

The former Inter Milan boss revealed that there are many perceptions that Pertamina has been losing money all this time. He explained that what Pertamina experienced was a deficit in the cash flow due to unpaid subsidies.

“Not a loss. Between cash flow same loss is different cash flow it is a deficit because the subsidy money has not been replaced, so cash flow deficit. If you change it means cash flow Pertamina is improving. Then the profit and loss is also good, “said Erick.

Therefore, Erick said that his party supports Pertamina to ensure a maintained cash flow. On the other hand, Erick also encourages efficiency by Pertamina, while maintaining service to the community.

“The government’s support for Pertamina is to ensure that Pertamina’s cash flow is maintained. Yesterday, Pertamina seemed to have lost. The conditions are different, Pertamina must also maintain how services to the community are maintained, and the name subsidized fuel does not mean that Pertamina does not carry out efficiency everywhere,” he continued.

Read also: Pertamina: The Price Increase of Pertamax Turbo et al. Does Not Cover Pertamax Sales Losses

Previously, PT Pertamina (Persero) again made adjustments to the price of non-subsidized fuel oil (BBM) for the types of Pertamax Turbo, Pertamina Dex, and Dexlite on Wednesday morning (3/8/2022) at 00.01 WIB.

PT Pertamina Patra Niaga Corporate Secretary Irto Ginting said that the increase in the prices of Pertamax Turbo, Pertamina Dex, and Dexlite could not cover losses from the sale of Pertamax. This is because the loss from the sale of Pertamax is very large.

Irto said that the types of fuel whose prices were raised today, namely Pertamax Turbo, Pertamina Dex, and Dexlite, were only 5 percent of the total national fuel consumption, while 95 percent of consumption came from Pertamax, Pertalite, and Solar.

“It’s not closed, the loss of Pertamax is very large. We have not released the figures (loss of sales of Pertamax), it is very large. At least the 3 products (Pertamax Turbo, Pertamina Dex, and Dexlite) did not contribute to the loss,” he said when contacted by Kompas.com, Wednesday (3/8/2022).

Read also: Pertamax Turbo, Pertamina Dex, and Dexlite prices are back up

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