'€œWe will determine a fuel price adjustment once every three months so that it will remain stable and doesn'€™t bring difficulties to the people,'€ said Energy and Mineral Resources Minister Sudirman Said as quoted by Antara in Jakarta on Sunday.

He said that currently the ministry needed time to pay close attention to and analyze oil price movements; thus, it would determine the fuel price changes in November.

'€œFirst we need to closely watch the movement of oil prices. It is hoped that the fuel price adjustment standard can take effect in November,'€ said Sudirman.

In standardizing the fuel price adjustment, the minister said the government would determine the lowest and highest prices for fuel. If the oil basis price was lower than the lowest price the government had determined, the difference between the two prices would be used to create a fund that could be employed in a situation during which the oil basis price was higher than the determined highest price, he added.

Sudirman said such a mechanism would not burden too much reserve funding allocated in the state budget (APBN) because there would be reserve funding to tackle the price difference.

Global oil prices continued to soar on Saturday, the US light sweet crude oil or West Texas Intermediate was up by US$2.62 to $60.30 per barrel on the New York Mercantile Exchange.

In London, the Europe standard, Brent crude oil, was up by $2.98 to $65.56 per barrel. (ebf)

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