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Sri Mulyani Asks Pertamina to Control Sales of Subsidized Fuel

11 August 2022 09:58 WIB

Finance Minister Sri Mulyani speaks in a press conference on the results of the 2022 regular meeting of the Financial Sector Policy Committee (KKSK) at the Finance Ministry in Jakarta, Monday, August 1, 2022. TEMPO/Tony Hartawan

TEMPO.CO, JakartaFinance Minister Sri Mulyani Indrawati has again asked oil and gas giant Pertamina to control the distribution of subsidized oil fuel in order to maintain the state budget.

"Of course, I hope Pertamina will really control the volume so that the state budget is not hit,” said Sri in Jakarta, Wednesday, August 10, 2022.

With uncontrolled sales of subsidized fuel, she opined, the subsidy allocation and energy compensation could exceed this year's budget ceiling of Rp502 trillion.

“Although the state budget is in good condition, which is surplus until July, if the volume is not controlled, the bill will be even bigger in the second semester,” she underlined.

As of July 2022, the distribution of Pertalite fuel has reached 16.8 million kiloliters. This means the remaining quota for subsidized fuel is only 6.2 million kiloliters of this year’s total quota of 23 million kiloliters. The Energy and Mineral Resources Ministry previously estimated that the distribution volume could reach 28 million kiloliters this year.

Additionally, the hike in global oil prices and the weakening of the rupiah exchange rate against the US dollar also weighed heavily on the state budget. “Our exchange rate has a slightly different assumption. Yesterday, it was Rp14,450, now it is Rp14,700,” she added.

With those factors, the former managing director of the World Bank argued that the energy subsidy budget may swell again. “There will be an addition above the Rp502 trillion that we have conveyed, not to mention that we assume the oil price in the state budget at US$100 per barrel. Previously, it reached up to US$120 per barrel. So it will also be added,” Sri outlined.

The government, Sri Mulyani went on, will also take a number of measures if the pressure on the state budget increases. “But if the shock continues and it causes a big gap, we must look for steps to secure the people, the economy, and the state budget,” she remarked. 

The Finance Ministry is discussing the issue of controlling subsidized fuel with Pertamina, the SOEs Ministry, and the Energy and Mineral Resources Ministry.

ANTARA | BISNIS

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