Government keeps subsidized fuel prices unchanged despite September ICP surge

The government has confirmed that subsidized fuel prices will not rise even as the average Indonesia crude oil price jumped in September 2026. At a policy forum in Jakarta, Deputy Finance Minister Juda Agung said the government will recalculate the impact of higher global oil prices, but will not increase fuel subsidies or widen the budget deficit. He also said the subsidy scheme going forward will be more focused so it is better targeted. The Energy and Mineral Resources Ministry set the September 2026 average Indonesian Crude Price at 112.81 U.S. dollars per barrel, up from 89.43 U.S. dollars in August. According to oil and gas director general Laode Sulaeman, the surge reflects a global oil market shaped by geopolitical uncertainty and the risk of supply disruptions.