PT Pertamina appreciates the government's support through the Ministry of Finance, the Ministry of State-Owned Enterprises, and the Ministry of Energy and Mineral Resources, enabling the disbursement of fuel subsidy compensation for the year 2023 amounting to IDR 132.44 trillion (including VAT) or IDR 119.31 trillion (excluding VAT), said the company.
This compensation encompasses funds for the Quarters I-III 2023 amounting to IDR 82.73 trillion, 2022 totaling IDR 49.14 trillion, and 2021 totaling IDR 569 billion.
The fund represents compensation for the price difference between the formula selling price and the retail selling price at petrol stations for the distribution of Certain Types of Fuel (JBT) Solar and Special Assignment Fuel Types (JBKP) Pertalite, where the values have been reviewed by the Inspectorate of the Ministry of Finance of the Republic of Indonesia (Itjen Kemenkeu).
"We highly appreciate the government's efforts through the Ministry of Finance of the Republic of Indonesia for expediting the fuel subsidy compensation payment that Pertamina has distributed up to the third quarter of 2023. The compensation funds have entered the company's coffers, manifesting the government's full support of Pertamina in maintaining the sustainability of subsidized fuel service operations, supporting working capital, and improving the company's financial ratios," stated President Director of Pertamina, Nicke Widyawati, in a written statement.
Nicke also expressed gratitude for the government's unwavering support of Pertamina in ensuring fuel distribution continuity, notably through the One Price Fuel program.
We remind, Pertamina expects to complete the capacity upgrade at its Balikpapan refinery in April next year, Nicke Widyawati, chief executive of Pertamina, the parent company of PHE. Pertamina is expanding Balikpapan's capacity to 360,000 barrels of oil per day (bpd) from 260,000 bpd currently. The refinery would also be able to produce fuel to Euro V emission standards.
mrchub.com