President Jokowi Shows Concern on Global Oil Prices


President Joko Widodo, or Jokowi, highlighted the global crude oil prices that spiked two-folds following Russia’s military aggression against neighboring Ukraine. In an open discussion on Friday, March 11, with the Sebelas Maret State University (UNS), the president asked Finance Minister Sri Mulyani regarding the financial situation.

“How long can [the state budget] last?” said the President to Sri Mulyani.

He also elaborated the data on the crude oil price increase within the past two years which in January of 2020 saw Brent crude oil reach US$66 per barrel and WTI at US$61 per barrel. In March 2022, Brent crude oil price spiked to US$115.3 per barrel while WTI jumped to US$111.5 per barrel.

“Last week it reached US$130 per barrel,” said the President.

Jokowi asked Sri Mulyani mainly because most countries have raised the selling price of fuel to the public. Indonesia, as an oil-importing country, is currently still holding back on increasing fuel prices.

This condition has also been the topic of discussion for the last two days between Jokowi and two world leaders. First, on Wednesday, March 9, 2022, Jokowi said he was contacted via telephone by German Chancellor Olaf Scholz.

On Thursday afternoon, March 10, 2022, Jokowi was also contacted by Japanese Prime Minister Fumio Kishida. “Saying the same thing, the pandemic is not over yet, then there is an additional war,” said Jokowi.

The President asserted that the current global condition has made everything challenging to predict, situations that were unpredictable have now happened at once.

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