TEMPO.CO, Jakarta - The Energy and Mineral Resources Ministry said that it would adjust fuel prices quarterly to avoid frequent price fluctuations.
“We will adjust fuel prices once in three months to stabilize the prices,” Energy and Mineral Resources Sudirman Said spoke in Jakarta on Sunday, May 31, 2015.
Sudirman explained that the government would need more time to observe and analyze oil price movement and has planned to apply the standards for fuel price adjustment in November 2015.
“We need to observe the oil price movement. [The standards] will probably be applied in November,” he added.
The government has planned to set the floor and ceiling prices for fuels. When the oil base price is lower than the floor price, the difference would be used as contribution fund when the oil base price is higher than the ceiling prices.
The West Texas Intermediate crude price on Saturday, May 30, 2015, increased by US$2.62, and it was closed US$60.30 per barrel at New York Mercantile Exhange. The European Brent crude price soared by US$2.98 to US$65.56 per barrel.