Fuel Price Drops Below US$40 per Barrel
31 August 2015 10:28 WIB
TEMPO.CO, Jakarta - Global economy has dragged fuel price to drop below US$40 per barrel. However, the government plans to not lower subsidized fuel price this September.
“Indeed the current price is slightly more expensive than the ideal economic price,” said Energy and Mineral Resources, Sudirman Said, on Sunday August 30. He claimed that the price gap will be used to cover government debt to Pertamina.
Earlier this month, Pertamina CEO Dwi Soetjipto claimed that the corporate has lost US$1 billion of potential profit due to the new fuel price. Therefore, the government needs to cover the deficit by maintaining the current fuel price amid global situation.
US crude oil bar of West Texas Intermediate (WTI) for October delivery has dropped 87 cents to US$40.45 per barrel in the New York Mercantile Exchange on Friday. WTI had even dropped to below US$40 per barrel since February 2009, reaching US$39.86.
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