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Dream - Director General of Oil and Natural Gas of the Ministry of Energy and Mineral Resources (ESDM) Tutuka Ariadji ensures that the price of fuel will not change until June 2024, despite the ongoing conflict between Iran and Israel.
Tutuka explained that his party is still observing the short-term impact of the conflict. According to him, the current condition depends on the reactions of investors, producers, and consumers towards future risks.
For example, how the potential response of Israel will affect the possibility of market escalation.
"Yes, the fuel price is still the same. Because once again, we think this is short term because the world's tendency and many parties do not want prices to be too high,"
The text translates to: "The word Tutuka is quoted from Liputan6.com, Monday, April 15, 2024."
Tutuka stated, if observed over 100 years, the price of oil tends to be lower. If there is a spike due to geopolitical disruptions like this, the spike will then decrease again and the price will return to normal.
Tutuka adds, the Ministry of Energy and Mineral Resources has conducted simulations of the impact of conflicts in the Middle East on oil prices. With various parameters such as exchange rates, ICP (Indonesian Crude Oil Price) or Indonesian crude oil benchmark prices, as well as other factors.
"That is the simulation that we will deliver to the relevant parties, and it is expected to become a decision-making tool," said Tutuka."
Iran has launched an attack on Israel, as a retaliatory response for attacking the Iranian Embassy in the capital of Syria, Damascus.
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