REPUBLIKA.CO.ID, JAKARTA - The Indonesian Crude Price (ICP) in the last six months has not met the term on subsidized fuel price hike on April 1. The average fuel price according to ICP is 116.49 USD, or less than the standard required to increase the price of 120.75 USD.

Based on the data in the Ministry of Energy and Mineral Resources on Saturday, the average of ICP from October 1, 2011 until March 31, 2012 is 116.49 USD per barrel. The ICP is determined by Pertamina,  based on moving average spot price of a basket of five internationally traded crudes.

The details are on October in 109.25 USD per barrel, November in 112.94 USD, December in 110.70 USD, January 2012 in 115.90 USD, February in 122.17 USD and March in 128 USD.

The price of 116.49 USD means it is 11 percent above revised state budget draft 2012, which is on 105 USD per barrel. The average of ICP in the last six months has not met the term of fuel price increasing set in the draft of revised state budget 2012, which is in the minimum of 15 percent or 120.75 USD per barrel. 

When the House of Representative convened, they decided to include section 6A on the draft of Revised State Budget (RAPBNP) 2012 in which Presiden Susilo Bambang Yudhoyono will sign the draft into Revised State Budget. The  article  7 section 6A says, that the government is only allowed to increase the fuel price if the oil in international market exceeds 15 percent in the last six month. Then the additional section opens possibility to increase the fuel price in the future. 

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