"There will be no increase (in prices),” he said.
Bahlil stated that even though the average Indonesian Crude Price (ICP) in April 2026 was US$117.31 per barrel, subsidized fuel prices remained stable.
He was referring to the average Indonesian crude oil price from January 2026, which had not yet reached US$100 per barrel.
"Our current average ICP is approximately US$80-81 from January until now. So, it has not reached US$100 yet," Bahlil said.
Therefore, Bahlil reiterated that subsidized fuel prices will remain stable until the end of 2026.
The ESDM Ministry set the average ICP for April 2026 at US$117.31 per barrel.
This price increased by US$15.05 compared to March 2026, which was recorded at US$102.26 per barrel.
According to the ministry’s director general of oil and gas Laode Sulaeman, the increase in crude oil prices was influenced by the ongoing conflicts in the Middle East and the Strait of Hormuz, which increased the risk of disruption to global oil supplies.
In addition to geopolitical factors, China's economic growth of 5 percent annually in the first quarter of 2026 also contributed to positive sentiment for global oil demand.
Furthermore, Laode added that although global oil prices still have the potential to experience pressure due to global geopolitical conditions, several factors could limit further price increases.
These factors include the projected decline in global oil demand in the second quarter of 2026—estimated at 5 million barrels per day year-on-year—and the potential reopening of peaceful diplomatic channels between Iran and the United States.
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Translator: Putu Indah Savitri, Yashinta Difa
Editor: M Razi Rahman
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