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Pertamina raises Pertamax gasoline prices
This is the first time in two years that Pertamina has raised Pertamax prices, a move made to adjust to soaring global crude costs.
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Motorcycles line up for Pertamax fuel in this undated photograph. (Pertamina/Pertamina)
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djusting to surging global crude prices, state-owned oil and gas company Pertamina on Friday raised by around 38 percent the price of its unsubsidized Pertamax brand of gasoline.
Pertamina said on Thursday evening that prices of the high-grade RON 92 fuel would be raised to between Rp 12,500 (87 US cents) and Rp13.000 per liter, from the previous range of Rp 9,000 and Rp 9,400 per liter, depending on the region.
The company noted that despite the increase, prices were still below the economic value of Rp 16,000 per liter given that crude prices were averaging US$100 a barrel. The value was based on Energy and Mineral Resources Ministry estimates.
“Pertamax price adjustment is still Rp 3,500 lower than its economic value. We’re doing this to not burden consumers too much,” Irto Ginting, corporate secretary of Pertamina fuel distributor subsidiary PT Pertamina Patra Niaga, said in the statement.
Read also: Pertamina raises LPG price, mulls hiking gasoline price
This is the first time in two years that Pertamina has raised Pertamax prices, a move made to adjust to soaring global crude costs. International crude benchmark Brent has gained 38.7 percent year-to-date to $107.91 a barrel as of March 31, according to Business Insider data.
The Indonesian Crude Price (ICP) stood at $114.55 a barrel as of March 24, from the average of $110.14 a barrel in the previous month, as a result of the Ukraine-Russia conflict, which exacerbated an ongoing rise in oil prices amid a global economic recovery, the energy ministry said.
