Fluctuating trend in world oil prices pushes Pertamax down to IDR 13,350

Jakarta – PT Pertamina Patra Niaga (PPN) announced a reduction in the price of unsubsidised fuel oil (BBM) Pertamax series starting December 1, 2023 throughout Indonesia. The price of Pertamax has now dropped USD 0.0032 to IDR 13,350 (USD 0,86) per litre from last month’s price.

In an official statement, PPN Corporate Secretary Irto Ginting explained that this price adjustment was made in response to the fluctuating trend in world oil prices and referred to the pricing formula under applicable regulations.

He emphasised the Pertamina subsidiary’s commitment to regularly evaluate the prices of non-subsidized fuel products, ensuring consumer affordability and transparency.

“As a state-owned enterprise, PPN also strives to maintain affordable fuel prices for the entire community, implementing the principles of availability, accessibility, affordability, acceptability, and sustainability,” said Ginting.

Furthermore, this non-subsidized fuel price adjustment applies to provinces with a motor vehicle fuel tax (PBBKB) of 5%, such as in the Jakarta area. Following fluctuations in the average world oil publication price and the rupiah exchange rate, this price change occurs every month, especially from the 25th to the 24th of the previous month.

This new pricing follows the formula per Minister of Energy and Mineral Resources Decree No. 245.K / MG.01 / MEM.M / 2022 concerning the price formulation of general fuel type or non-subsidised fuel price formulations. (Hartatik)

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