Main DIRECTOR of PT Pertamina Patra Niaga Riva Siahaan emphasized that his party maintains fuel oil (BBM) prices remain stable amidst the strengthening world crude oil prices following Iran’s attack on Israel.
These tensions pushed the price of Brent crude oil futures to trade above US$90 per barrel, following closing 1.1% higher on Wednesday (10/4). Meanwhile, the price of West Texas Intermediate (WTI) crude oil is approaching US$86 per barrel. Geopolitical tensions and reductions in oil supplies by the alliance of the Organization of the Petroleum Exporting Countries (OPEC+) have pushed world oil prices up almost 18% this year.
“There is a tendency for crude oil prices to rise, but we are committed to keeping domestic fuel prices stable,” said Riva in an official statement, Monday (15/4).
He explained that Pertamina Patra Niaga’s decision was taken to support the government’s efforts to maintain a more stable and conducive national economy.
His party also ensures that national fuel stocks are safe during the Ramadan & Idul Fitri Task Force (RAFI Task Force) period. Riva claims that the available fuel supply is much higher to anticipate a surge in demand during the Eid homecoming and returning traffic.
Currently, Pertalite stock is recorded at the level of 20 days, operations, Pertamax is at the level of 41 days, Pertamax Turbo stock is safe at the level of 58 days, diesel and biodiesel is maintained at the level of 22 days, Pertamina Dex is at 70 days, and aviation fuel is at the level of 41 days.
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“Additional stock during the RAFI Task Force period has been prepared to ensure national needs are met properly,” added Riva.
Previously, energy observer from Trisakti University Pri Agung Rahmanto predicted that world oil prices might once once more reach US$100 per barrel following Iran’s attack on Israel. Based on Trading Economics data, Saturday (13/4), the price of British crude oil, Brent, rose 0.79% to US$90.45 per barrel. The price of crude oil from the United States (US), West Texas Intermediate (WTI) also rose 0.75% to US$85.66 per barrel.
The scale of the impact of the Iran-Israel conflict is said to be greater than the Russia-Ukraine war or the war in Gaza. This is because Iran is one of the main oil and gas producers in the Middle East and is also a member of the Organization of the Petroleum Exporting Countries (OPEC). Meanwhile, the US, Israel’s main ally, has become the largest additional supplier of crude oil to the global market.
“The Iran-Israel conflict might attract other countries which are oil and gas actors to get involved either directly or indirectly. As a result, the opportunity for oil prices to reach US$100 per barrel this year is quite large,” said Pri Agung to Media Indonesia, Sunday. (14/4). (Ins/Z-7)
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