TEMPO.CO, Jakarta - Indonesia’s Minister of Energy and Mineral Resources, Bahlil Lahadalia, assured the public on Monday, March 9, 2026, that the government will not raise fuel prices in the near term, despite global crude oil prices reaching $115 per barrel.
“Until Eid, God willing, there will be no fuel price hike for subsidized fuel,” said Bahlil, who is also the General Chair of the Golkar Party, during a meeting at the Ministry of Energy and Mineral Resources in Jakarta.
Bahlil noted that the government is conducting a comprehensive study to determine future policy steps amid rising global oil prices, which have been driven by escalating tensions in the Middle East.
The ongoing conflict involving Iran, Israel, and the United States has raised concerns about global energy supply and triggered significant price volatility in international markets.
“Our current problem is not about stock. Stock availability is not a problem, everything is available. Our current issue is about price,” Bahlil said, emphasizing that Indonesia’s domestic energy supply remains secure.
The surge in oil prices followed increased geopolitical tensions in the Middle East. According to Trading Economics, West Texas Intermediate (WTI) crude futures soared to $115 per barrel on Monday afternoon, after intra-day trading saw a 31 percent jump.
The increase marked the largest single-day gain since April 2020 and brought prices to their highest level since June 2022, extending last week’s rally of 35.6 percent.
The spike in oil prices is linked to supply disruptions in major Middle Eastern producers, particularly after the Strait of Hormuz, a critical global energy route, was disrupted.
In Iraq, production from three major southern oil fields fell sharply, declining roughly 70 percent from 4.3 million barrels per day before the outbreak of conflict to 1.3 million barrels per day, tightening global supply.
Other Gulf producers also reduced output. Kuwait, the fifth-largest OPEC oil producer, began cutting production last Saturday and declared a force majeure, while Qatar reduced liquefied natural gas (LNG) output last week.
Analysts also expect potential production decreases from the United Arab Emirates and Saudi Arabia, as storage facilities near full capacity limit additional output.
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