Ada Pertanyaan? Hubungi Kami 
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Ada Pertanyaan? Hubungi Kami Jasmine Abdurrachim, Kartini L Makmur
The Indonesian Government, in its reluctance to force Pertamina to raise the price of fuel, is causing the state-owned oil company to suffer large losses. Marwan Batubara, Director of Indonesia Resources Studies (IRESS), asserts that the government is foot-dragging with regard to the implementation of Regulation No. 191 of 2014, which sets the price of fuel in the country. However, withdrawal of the regulation would signify inconsistency and a lack of courage on the government’s part.
As a way of stabilizing the fuel price, Mr. Batubara has instead suggested that the required funds be taken from the petroleum fund (PF) in order to create a subsidy-replacement fund as a part of the State Budget Plan (APBN). Funds will soon be allocated through the 2016 APBN and Mr. Batubara sees the urgent need for the Government and the House to immediately implement the fuel stabilization-fund policy.
Mr. Batubara has reminded the government that if world oil prices suddenly rise and the rupiah exchange rate continues to slide, then citizens will bear the burden of rising fuel prices. In addition, Pertamina will also suffer large losses if the PF implementation regulation is not followed through swiftly.
“The price-stabilization fund for fuel and the petroleum fund can both be run separately. Thus a legal umbrella is needed to be set up, since the PF is currently being formulated as part of the new oil and gas regulation. Policy makers need to explain their decisions clearly to the public before a new policy comes into effect. For example, the Government needs to clearly define and distinguish the concept of a petroleum fund from that of a fuel-price-stabilization fund, as well as to lay out the application and purpose of each of these funds,” added Mr. Batubara.
PFs are used around the world in order to guarantee fiscal discipline in economies, as well as to locate new reserves of oil and gas, stimulate the development of renewable energy (EBT), reduce the state’s dependency on oil and gas income and create fair oil- and gas-revenue distribution mechanisms with an eye on future generations. Mr. Batubara asserts that in order to implement a proper PF, a new oil and gas law will also be needed so that new institutions can implement the policy with the final user in mind.
According to Mr. Batubara, the implementation of a stabilization fund can be accommodated via the National Budget Plan, which is discussed annually, and authority to use this budget allocation can be allocated to the Ministry of Energy and Mineral Resourcesand/or Pertamina.
This fuel stabilization fund is to be aimed at stabilizing fuel prices over sustained periods, due to the global fluctuations in oil prices. Under the plan, a high fuel tax can be applied when oil prices are low and vice versa. Meanwhile, the PF can function as a long-term mechanism designed to achieve sustainable natural-resource management and justice for future generations.
“The president submitted the 2016 APBN Bill to the House on 14 August, 2015, and it will become a part of the 2016 APBN. The oil and gas bill will not necessarily be set in 2015 however, and a longer wait will be required for the enactment of the law and for the decree from the Ministry of Energy and Mineral Resourcesunder the oil and gas law, regarding the PF policy or fuel stabilization fund, to be implemented,” Mr. Batubara concluded.
Batubara asserts that the removal of fuel subsidies can only be achieved so long as the government creates a system of direct subsidies. However, the size of these subsidies, as laid out in the State Budget, can be set at a certain viable amount (fixed subsidy). Batubara also believes that APBN subsidies should still be budgeted for in the APBN and that the implementation mechanism should be via the enforcement of a fuel-stabilization fund as part of the 2016 APBN Law.
(sp)
Jasmine Abdurrachim, Kartini L Makmur
The Indonesian Government, in its reluctance to force Pertamina to raise the price of fuel, is causing the state-owned oil company to suffer large losses. Marwan Batubara, Director of Indonesia Resources Studies (IRESS), asserts that the government is foot-dragging with regard to the implementation of Regulation No. 191 of 2014, which sets the price of fuel in the country. However, withdrawal of the regulation would signify inconsistency and a lack of courage on the government’s part.
As a way of stabilizing the fuel price, Mr. Batubara has instead suggested that the required funds be taken from the petroleum fund (PF) in order to create a subsidy-replacement fund as a part of the State Budget Plan (APBN). Funds will soon be allocated through the 2016 APBN and Mr. Batubara sees the urgent need for the Government and the House to immediately implement the fuel stabilization-fund policy.
Mr. Batubara has reminded the government that if world oil prices suddenly rise and the rupiah exchange rate continues to slide, then citizens will bear the burden of rising fuel prices. In addition, Pertamina will also suffer large losses if the PF implementation regulation is not followed through swiftly.
“The price-stabilization fund for fuel and the petroleum fund can both be run separately. Thus a legal umbrella is needed to be set up, since the PF is currently being formulated as part of the new oil and gas regulation. Policy makers need to explain their decisions clearly to the public before a new policy comes into effect. For example, the Government needs to clearly define and distinguish the concept of a petroleum fund from that of a fuel-price-stabilization fund, as well as to lay out the application and purpose of each of these funds,” added Mr. Batubara.
PFs are used around the world in order to guarantee fiscal discipline in economies, as well as to locate new reserves of oil and gas, stimulate the development of renewable energy (EBT), reduce the state’s dependency on oil and gas income and create fair oil- and gas-revenue distribution mechanisms with an eye on future generations. Mr. Batubara asserts that in order to implement a proper PF, a new oil and gas law will also be needed so that new institutions can implement the policy with the final user in mind.
According to Mr. Batubara, the implementation of a stabilization fund can be accommodated via the National Budget Plan, which is discussed annually, and authority to use this budget allocation can be allocated to the Ministry of Energy and Mineral Resourcesand/or Pertamina.
This fuel stabilization fund is to be aimed at stabilizing fuel prices over sustained periods, due to the global fluctuations in oil prices. Under the plan, a high fuel tax can be applied when oil prices are low and vice versa. Meanwhile, the PF can function as a long-term mechanism designed to achieve sustainable natural-resource management and justice for future generations.
“The president submitted the 2016 APBN Bill to the House on 14 August, 2015, and it will become a part of the 2016 APBN. The oil and gas bill will not necessarily be set in 2015 however, and a longer wait will be required for the enactment of the law and for the decree from the Ministry of Energy and Mineral Resourcesunder the oil and gas law, regarding the PF policy or fuel stabilization fund, to be implemented,” Mr. Batubara concluded.
Batubara asserts that the removal of fuel subsidies can only be achieved so long as the government creates a system of direct subsidies. However, the size of these subsidies, as laid out in the State Budget, can be set at a certain viable amount (fixed subsidy). Batubara also believes that APBN subsidies should still be budgeted for in the APBN and that the implementation mechanism should be via the enforcement of a fuel-stabilization fund as part of the 2016 APBN Law.
(sp)