Speaking to the press after attending a meeting on oil production here on Thursday, Finance Minister Agus Martowardojo said the assumed oil price of US$80 a barrel was still safe.
"The existing assumption is still relevant," he said.
The Indonesian Crude Price (ICP) between February 2010 and January 2011 averaged US$80.81 a barrel. Yet the government is still undecided about revising the macro assumption in the 2011 state budget.
The minister asked the public not to worry about the crude oil price hike, saying the government would always keep watch for any increase.
"There is no need to put any increase in our stress test system. The government will review oil price once every three months," he said.
In the budget concept, ICP increase would raise state revenues. From the standpoint of budget spending there was production sharing with regions, 20 percent budget allocations for the education sector and fuel oil subsidy, he said.
"We stick to this model. We keep watch for any increase. We do not need to worry but to keep vigilant," he said.
He said the government still had no plan to raise fuel oil prices despite a steady rise in ICP. What was more, the government still had reserve funds to anticipate fiscal risks.
The World Bank has predicted the global crude price will remain at a level of US$85 a barrel this year. (*)
Editor: Kunto Wibisono
Copyright © ANTARA 2011
