Agus Martowardojo.
Jakarta (ANTARA News) - The recent drop in global crude prices following crises in the US and Europe has yet to affect the assumed Indonesian Crude Price (ICP) of US$95 per barrel set under the revised 2011 state budget, a minister said.
"True, there have been surprising developments which caused oil prices to plunge. But our ICP has not yet fallen significantly. So we must study whether or not the developments will have impact on our budget," Finance Minister Agus Martowardojo said here on Wednesday.
The ICP currently averaged US$117.15 a barrel, he said.
What the country needed to observe following a shortfall in crude prices was profit takers or speculators, he said.
"According to the G20 agreement, we will always try to control speculators or institutions involved in speculative businesses," he said.
He said the situation might affect state revenues from the oil and gas sector because of a shortfall in oil prices. But gas prices would remain high so that they would contribute to the entire state revenues.
He said the government had yet to perceive the direct impact of oil price shortfall on the use of subsidized fuel oils as well as on the quota of fuel oils set at 40.4 million kiloliters under the revised 2011 state budget.
