"It is still February, and our fiscal space is still quite wide. So, there won't be an increase in fuel prices in the near future," he expounded during a press conference in Jakarta on Indonesia's 2023 economic growth.
Hartarto said that his ministry will continue to monitor fluctuations in global crude oil prices for the next six months.
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"We will see the fluctuations and whether the budget for fuel subsidies can still be sufficient for six months," he added.
State oil and gas producer Pertamina earlier decided not to hike the retail prices of all types of non-subsidized fuel despite the upward trend in global crude oil prices and foreign exchange rates.
In the 2024 Draft State Budget (RAPBN), the government has allocated Rp300.9 trillion (approximately US$19.24 billion) for subsidies, with subsidies for fuel, electricity, and three kg LPG canisters totaling Rp185.9 trillion (around US$11.89 billion).
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Translator: Anton Santoso
Editor: Rahmad Nasution
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