Jakarta, CNBC Indonesia – World oil prices have fallen to the level of US $ 70 per barrel. Observing the drop in world crude oil prices, PT Pertamina (Persero) and other commercial entities supplying fuel oil (BBM) have lowered prices, especially the price of RON fuel above 92 or a type of Pertamax C.
For example, Pertamax fuel price for DKI Jakarta area decreased by Rp. 600 per liter from the previous Rp. 14,500 per liter at Rp. 13,900 per liter. Similarly, the price of Pertamax Turbo has dropped from the previous Rp. 15,900 per liter at Rp. 14,950 per liter.
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Fahmy Radhi, an economics and energy observer at Gajah Mada University (UGM), said the value of government subsidies has risen to 502 trillion rupees because world crude oil prices have risen madly or have been above the level of crude oil in recent months. 100 US dollars per year. barrel.
“The drop in world crude oil prices to $ 80 a barrel should reduce subsidies,” Fahmy told CNBC Indonesia, quoted on Saturday (10/8/2022).
Observing the drop in world crude oil prices, Fahmy estimated that Pertalite fuel prices could drop by Rp 2,500. per liter or 7,500 Rp. per liter from the current 10,000 Rp. per liter. “The decrease in Pertalite is around Rp 2,500. And Pertamax is around Rp 2,300. Per liter,” she said.
However, Fahmy said, the data shows that the decline in world crude oil prices does not affect the government’s policy of lowering subsidized fuel prices. Indeed, when world crude oil prices fell some time ago.
Center of Economic and Law Studies (Celios) director Bhima Yudhistira also assessed that with the downward trend in crude oil prices, this is a positive sign for the energy subsidy burden that will also decrease. In this way, the government has the opportunity to reduce the price of the subsidized fuel to the level before the increase.
“This step must be done because it is not fair if the price of crude oil goes down, the government still keeps the price of the fuel high. So there is a possibility that Pertalite will lower it again at least below Rp 7,650 per liter or go back. at the level of Rp 7,650 per liter and diesel at about Rp. 5000 per liter, “Bhima told CNBC Indonesia, quoted on Friday (9/30/2022).
The INDEF economist, Abra Tallatov said, for the price of subsidized fuel such as Pertalite, for example, there are special considerations on the part of the government in determining the price.
However, with the downward trend in world crude oil prices, the cost of producing fuel will decrease. Now, to determine the price of domestic fuel as Pertalite, one has to see if the current price of Pertalite fuel is Rp. 10,000 per liter, which exceeded the selling price limit according to the economy.
“In my opinion, with the drop in crude oil, if that happens consistently over the next few months and doesn’t fluctuate, say in two weeks or two months, the government should lower the price of Pertalite,” Abra told CNBC Indonesia on Friday. (30/9/2022).
If the downward trend in world oil prices is consistent and the government lowers the price of Pertalite fuel, it will build confidence in the government. Because, in the previous increase in fuel prices, the government assumed that the increase in fuel prices was due to the increase in world crude oil.
“Now people see that prices have fallen even far from the assumption that they should have fallen. Now, the decrease in Pertalite prices must be done in the context of maintaining government policies. Even if the decline occurred at the previous price ( Rp 7,650 / liter), “Abra said.
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