Low Oil Prices Hit Indonesian Oil and Gas Revenues

Low oil prices affected Indonesia’s oil and gas revenues in the first quarter of the year, the country’s Energy and Mineral Resources Ministry has said.

The ministry report says that oil and gas revenues until October this year were $13.08bn (IDR124tn), which is only 67% of this year’s target.

Director general for oil and gas Evita H Legowo said the low revenue was attributed to lower oil prices early this year, adding that lower revenues were partially offset by reduced expenditure on subsidised fuels by the government.

The Indonesian Government subsidises diesel, premium gasoline, liquefied petroleum gas and kerosene.