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Causes of the Solar and Premium Fuel Price Hike Volatility

The volatility of the price for fuel is caused by several factors. Every aspect is interconnected and changes impact the other aspect.

Liputan6.com, Jakarta The Indonesian government has decided to increase the price of fuels on solar and premium by Rp 500 per litre. This plan has been in effect since this Saturday (28/3/2015) at 00.00.

The Directorate General of Oil and Gas from the Ministry of Energy and Mineral Resources (ESDM), I Gusti Nyoman Wiratmaja informed that, the increase of the price has been set due to the equally increasing world oil price that hitherto continues to fluctuate. 

The increase is also adjusted to the weakened rupiah currency which has many local banks upset.

"Many people question why the price continues to show volatile trend. But of course with rupiah current condition and worldwide oil price hike, our fuel especially on solar and premium should be increased in price," Wira said in Jakarta, Saturday (28/3/2015).

PT. Pertamina Vice President Corporate Communication, Wianda Pusponegoro added, the diesel oil price index in the worldwide market, premium as well as the US dollar currency against rupiah have all been increasing significantly since the end of January through to the end of March. 

This is why the oil price is very much elusive as it defined by the current conditions.

According to PT. Pertamina data, during that period of time, the price index in the global market for gasoline or premium fuel has risen by 13%. As for solar, the hike has been 9%. 

The uncertain currency rate unquestionably affects the price of oil. The increase of the price will continue as long as rupiah continues to be hammered by a gradually strengthened US dollar.

"If being converted to rupiah, the price index in the global market for premium and solar has each increased by 17% and 13%. The price hike obviously affects the price of both fuels," he concluded. (Akp/Riz)

 

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