Indonesian crude price tops US$100 a barrel, minister says
Bahlil Lahadalia said the January-October average remained at US$91-US$92 per barrel, while the government aimed to increase fuel reserves.
Indonesia's crude oil benchmark has risen above US$100 per barrel, Energy and Mineral Resources Minister Bahlil Lahadalia said on 19 October 2026. Speaking at the State Palace in Jakarta, he cited prices of US$106 and US$105 per barrel.
Bahlil linked the increase in the Indonesian Crude Price, or ICP, to growing global uncertainty, including heightened tensions in the Middle East. Despite those levels, he said the benchmark's average from January through October 2026 was still around US$91-US$92 per barrel.
The government would continue strengthening national fuel reserves, Bahlil said. He set a target of more than 20 days of supply, compared with the current level of 16 days.
In his breakdown by fuel type, Bahlil said reserves of Pertalite, the RON 90 petrol grade, stood at 16-20 days. Stocks of other types of fuel averaged more than 20 days, he said.
