PT Pertamina (Persero) Has PT Pertamina (Persero) Has Received Total Compensation Amounted To Around USD 2.72 Billion
Dear investors,
We are pleased to announce that PT Pertamina (Persero) has PT Pertamina (Persero) has received total compensation amounted to around USD 2.72 billion (including tax) or USD2.45 billion (excluding tax), covering the price difference between the formula price and the retail price at gas stations for the distribution of JBT Diesel and JBKP Pertalite, that has been reviewed by the Financial and Development Supervisory Agency (BPKP).
PT Pertamina (Persero) also expressed its gratitude to the Government, particularly the Ministry of Finance, for expediting the payment of fuel compensation funds. This reflects the government's commitment to consistent compensation payments & The funds will be utilized to cover shortfalls from the retail price determination of Certain Types of Fuel (JBT) Diesel and Special Assignment Fuel (JBKP) Gasoline RON 90 or Pertalite for the 2023 period.
Pertamina's President Director, Nicke Widyawati, announced that the Government, through the Ministry of Finance, has completed the 2023 fuel compensation payment.
"We greatly appreciate and thank the Government, especially the Ministry of Finance, the Ministry of State-Owned Enterprises, and the Ministry of Energy and Mineral Resources, for their support to the company by accelerating the payment of fuel compensation funds disbursed by Pertamina in the fourth quarter of 2023. The compensation funds have been deposited into the company's treasury, demonstrating the Government's full support for Pertamina in maintaining the sustainability of subsidized fuel services, supporting working capital, and maintaining the company's financial ratios," Nicke stated in a written statement.
Nicke also stated that Pertamina will ensure subsidized fuel is optimally consumed by eligible recipients. This involves real-time monitoring of fuel purchases using information technology. Pertamina is committed to digitalizing our gas stations all across the nation. They are also enhancing cooperation with law enforcement to prevent fuel misuse and encouraging public participation in the online Targeted Subsidy Program. In 2023, Pertamina successfully managed fuel distribution, keeping it below the government-set quota.
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We sincerely appreciate your continued and profound interest in Pertamina. If you have any questions regarding this email or any other matters related to Pertamina’s scope of business, please do not hesitate to contact our Investor Relations Team at pertamina_ir@pertamina.com
Best regards,
Pertamina Investor Relations