March 13, 2026 | 03:55 pm
TEMPO.CO, Jakarta - The price of Brent crude oil has once again reached US$100 per barrel on Friday, March 13, 2026. A surge also occurred in the price of West Texas Intermediate (WTI) for futures contracts.
Citing Trading Economics data, the price of Brent crude oil for futures contracts reached US$101 per barrel by 14:00 on March 13, 2026, while the price of WTI oil was recorded at US$97 per barrel.
On March 9, the price of Brent crude oil briefly reached a high of US$117 per barrel. Today's price is higher than Thursday's high of US$100 per barrel.
Previously, Indonesian Finance Minister Purbaya Yudhi Sadewa explained that based on the Ministry of Finance's calculations, if the price of oil exceeds US$92 per barrel, the state budget deficit would be about 3.6-3.7 percent of the gross domestic product (GDP).
He stated that Indonesia had experienced a surge in global oil prices to US$150-200 per barrel. This condition did not directly cause the economy to collapse, but rather slowed it down.
The government will monitor the impact of the global oil price increase for the next month. To curb the deficit, Purbaya said they would monitor the efficiency of the budget for free nutritious meals (MBG).
However, he clarified that this step does not mean budget cuts. "So, MBG will not be cut, except for those that are unproductive," Purbaya said some time ago.
The state treasurer explained that unnecessary budgets, such as those for the procurement of new motorcycles and computers, would be reviewed. He emphasized that the budget to be evaluated would be the procurement of non-food-related items. Therefore, the MBG spending would be ensured to be truly effective and efficient.
After a month, the government will reassess the oil price and its impact. "So, we can make the right policy. Do you trust me? I am quite smart," he said.
On Monday, March 9, 2026, when global oil prices reached their highest level, the Jakarta Composite Index (JCI) declined. This decline coincided with the rupiah's plummeting to around Rp17,000 per U.S. dollar.
Read: IRGC: Ships Must Obtain Iran's Permission Before Crossing Strait of Hormuz
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