The Impact of the Russo-Ukrainian War, Oil Prices Can Reach 200 US Dollars, Gold Rp 1.15 Million Per Gram

JAKARTA, KOMPAS.com – Russia’s ongoing invasion of Ukraine makes world oil prices until the gold skyrocketed. The spike in world crude oil prices has even been felt domestically with the rise in several types of fuel oil (BBM).

Currently, the price of West Texas Intermediate (WTI) crude oil reached 124.42 US dollars per barrel, up 8.74 points or 7.56 percent. The price of Brent crude oil, which is the world benchmark, also rose to the level of 128.73 US dollars, up 10.62 percent.

Director of PT TRFX Garuda Berjangka Ibrahim Ascustombi predicts that oil prices could even penetrate US$ 200 per barrel or Rp. 2.88 million (exchange rate of Rp. 14,400) and gold price jumped to 2,000 US dollars per troy ounce.

Also read: US Discusses Russian Embargo, World Oil Prices Touch US$139 Per Barrel

In addition, the price of precious metals is predicted to reach Rp 1.15 million per gram, coal at US$ 600 per ton, and natural gas at US$ 5,500. Bitcoin is also predicted to skyrocket to 45,000 US dollars per coin.

“The prices of commodities such as crude oil, gold, natural gas, coal, nickel, and others have increased unnaturally,” Ibrahim said in his statement, Monday (7/3/2022).

However, Ibrahim said that the Russian invasion also brought blessings to commodity-producing countries, namely China, Indonesia, Australia and Malaysia.

The increase in commodity prices is used as bait for speculators to bring down countries which incidentally impose economic sanctions on Russia and Belarus.

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So according to Ibrahim, the soaring commodity prices were not caused by Russia’s invasion of Ukraine, but the excessive sanctions imposed by the US, European Union, and Britain on Russia and Belarus.

“After the economic sanctions were implemented, speculators in various countries carried out unlimited buying actions, causing an unnatural spike in commodity prices and this is actually an attack on countries that impose economic sanctions on Russia and Belarus,” he said.

Quoted from Bloombergthe world gold price has soared above 2,000 US dollars per ounce in the midst of increasing demand for these “heaven assets”.

As of today, the price of PT Aneka Tambang Tbk or Antam’s gold bullion rose by IDR 8,000 per gram, continuing the increase of IDR 15,000 per gram. Now, the price of gold is perched at the level of Rp. 1,013,000 starting the week.

Investors predict that economic sanctions against Russia will dim global economic growth and trigger inflation.

On the other hand, the haven asset is sought after as the Fed prepares to raise its benchmark interest rate as disruptions in supply of grains, energy and metals have added to price pressures.

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Moreover, Russian President Vladimir Putin ensured that the war would continue until Ukraine stopped its resistance. On the other hand, US Secretary of State Antony Blinken is discussing the Russian oil embargo with the US government.

Fuel prices have gone up in Indonesia

The rise in fuel prices in the country cannot be separated from the effects of the Russia-Ukraine war which increased world crude oil prices.

The fuels that experienced an increase were the types of Pertamax Turbo, Dexlite, and Pertamina Dex. Meanwhile, the Pertamax and Pertalite types did not experience a price increase.

This price increase varies from province to province. For the areas of DKI Jakarta, West Java, Central Java, East Java, DI Yogyakarta, Bali, NTB, and NTT, the price of Pertamax Turbo is Rp. 14,500 per liter. Here’s a look at the price details.

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1. Pertamax Turbo

– Pertamax Turbo Rp. 14,500 per liter

Valid in the Province of Nanggroe Aceh Darussalam, DKI Jakarta, Banten, West Java, Central Java, East Java, DI Yogyakarta, Bali, West Nusa Tenggara (NTB), and East Nusa Tenggara (NTT).

– Pertamax Turbo IDR 14,800 per liter

Valid in North Sumatra, West Sumatra, South Sumatra, Jambi, Bangka Belitung, Lampung, West Kalimantan, Central Kalimantan, South Kalimantan, East Kalimantan, North Kalimantan, Gorontalo, North Sulawesi, Central Sulawesi, Southeast Sulawesi, South Sulawesi, West Sulawesi , and Papua.

– Pertamax Turbo Rp 15,100 per liter

Applicable in Riau Province, Riau Islands, Bengkulu, and Kodya Batam (FTZ).

2. Dexlite

– Dexlite IDR 12.950 per liter

Valid in the Province of Nanggroe Aceh Darussalam, DKI Jakarta, Banten, West Java, Central Java, East Java, DI Yogyakarta, Bali, West Nusa Tenggara (NTB), and East Nusa Tenggara (NTT).

– Dexlite IDR 13,250 per liter

Valid in North Sumatra, West Sumatra, South Sumatra, Jambi, Bangka Belitung, Lampung, West Kalimantan, Central Kalimantan, South Kalimantan, East Kalimantan, North Kalimantan, Gorontalo, North Sulawesi, Central Sulawesi, Southeast Sulawesi, South Sulawesi, West Sulawesi , Maluku, North Maluku, Papua, and West Papua.

– Dexlite IDR 13,550 per liter

Applicable in Riau Province, Riau Islands, Bengkulu, and Kodya Batam (FTZ).

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3. Pertamina Dex

– Pertamina Dex IDR 13,700 per liter

Valid in the Province of Nanggroe Aceh Darussalam, DKI Jakarta, Banten, West Java, Central Java, East Java, DI Yogyakarta, Bali, West Nusa Tenggara (NTB), and East Nusa Tenggara (NTT).

– Pertamina Dex IDR 14,000 per liter

Valid in North Sumatra, West Sumatra, South Sumatra, Jambi, Bangka Belitung, Lampung, West Kalimantan, Central Kalimantan, South Kalimantan, East Kalimantan, North Kalimantan, Gorontalo, North Sulawesi, Central Sulawesi, Southeast Sulawesi, South Sulawesi, West Sulawesi , and West Papua.

– Pertamina Dex IDR 14,300 per liter

Applicable in Riau Province, Riau Islands, Bengkulu, and Kodya Batam (FTZ).

Also read: Check out today’s Rupiah Exchange Rate at BRI to BCA

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