Erick Thohir: While Others Increase, Pertamina's Fuel Prices Remain Stable

Jakarta, February 3, 2024 - Amidst the global crude oil price trend and exchange rates as of February 2024, PT Pertamina (Persero) ensures that all non-subsidized public fuel prices have not increased.

Based on the provisions of Ministerial Decree ESDM No.245.K/MG.01/MEM.M/2022 as an amendment to Ministerial Decree No. 62/K/12/MEM/2020 regarding the Formulation of JBU prices or non-subsidized fuel, as of February 1, 2024, downstream oil and gas operators have adjusted fuel prices at petrol stations. However, specifically, fuel prices in Pertamina’s petrol stations have not increased and remain the same as in January 2024.

The Minister of State-Owned Enterprises, Erick Thohir, stated that the government supports Pertamina's decision not to raise non-subsidized fuel prices, even though prices at other competitors' petrol stations have risen.

"Pertamina's decision not to raise fuel prices is certainly good for maintaining stability and people’s purchasing power. It is where state-owned enterprises play a role in the community. Pertamina has also streamlined its business processes to produce fuel at the best prices," said the Minister of State-Owned Enterprises.

President Director of PT Pertamina (Persero), Nicke Widyawati, explained that Pertamina is implementing efficiency through integrated digitalization in all business processes from upstream to downstream, which has an impact on cost efficiency in production and enables the provision of the best prices for the public.

"With this digitalization, we can change the operating model or way of working, which ultimately creates value in the form of cost optimization, allowing Pertamina to produce and provide fuel at the best prices to the public," said Nicke.

Nicke added that the prices of non-subsidized fuel are fluctuating, following determining factors such as crude oil prices and exchange rates, including the socio-economic conditions of the community.

"Fuel prices at Pertamina’s petrol stations are more competitive. As a state-owned enterprise, in determining non-subsidized fuel prices, we consider many aspects, including people’s purchasing power," Nicke concluded.

Pertamina, as a leading company in the energy transition, is committed to supporting the Net Zero Emission 2060 target by continuously promoting programs that directly impact the Sustainable Development Goals (SDGs) achievement. All these efforts align with Environmental, Social, and Governance (ESG) implementation across all Pertamina's business lines and operations.**