REPUBLIKA.CO.ID, JAKARTA -- State-owned oil and gas company Pertamina has said the new fuel oil prices will be announced at the end of this month.

"The world oil prices are going down but it is happening at a time when the US dollar is also strengthening against the rupiah. So, the oil prices at home could not be lowered (automatically)," Dwi said after the Pertamina Refining Day 2015 function.

He explained that although over the past one month, Pertamina did gain from the fall in the world oil prices, yet it did not guarantee that Pertamina's profit also increased.

"The government policy is a three-month policy, while the oil price has been declining for only a month. So, if we make calculations for a period of three months, the results would show that the prices have largely remained at par, and accruing neither losses nor profits," the Pertamina president director said.

As was reported earlier, the world oil prices tumbled to a multi-year low on Tuesday (Wednesday morning in Indonesia) Dec 12, after the Organization of Petroleum Exporting Countries' (OPEC's) session in Vienna recently failed to take any significant decision, and thus the world oil market continued to remain burdened.

The United State oil reference of light sweet or West Texas Intermediate (WTI) for January deliveries fell by 14 cents to end at US$37.51 per barrel at the New York Mercantile Exchange.

Brent North Sea crude for January dispatches was down 47 cents to stay at US$40.26 per barrel in the London trade. Earlier, Brent fell to below US$40 for the first time since February 2009.

It was the second consecutive session that reference contract was concluded at the lowest level in seven months over the past year.

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