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Minister warns against fuel panic buying, confirms sufficient supply

Jakarta (ANTARA) – Energy and Mineral Resources (ESDM) Minister Bahlil Lahadalia asked the public to remain calm and avoid panic buying, despite reports of rising global crude oil prices amid the Gulf region conflict.He explained that domestic fuel stocks are still sufficient and safe to meet public needs.”There is no need for panic buying. Our fuel stocks are sufficient. What we previously meant by 21 to 25 days is our storage capacity, but the stock will come later. Industry runs as usual and our import is still on track,” he remarked when met at the Presidential Palace on Tuesday.Despite the crisis in the Gulf countries, coupled with restrictions on access to the Strait of Hormuz by the Iranian Navy, he ensured that Indonesia's fuel supply is still believed to be secure.”In the Middle East, we only (import) crude oil, while we import finished oil from Southeast Asian countries and produce it domestically. There is no need for panic buying,” Lahadalia continued.He also confirmed no hike in subsidized fuel prices until Eid al-Fitr 1447 in mid-March, even though global crude oil prices have soared to over US$100 per barrel.”Regarding fuel subsidies, there will be no increase until Eid al-Fitr. We ensure that amidst global crude oil prices increase, subsidies remain the same,” he stated.On the same occasion, Finance Minister Purbaya Yudhi Sadewa explained that the budget for fuel subsidies, especially during Ramadan and Eid al-Fitr, remains secure.”We are still safe, still strong. This increase has only been going on for a few days while we have been subsidizing for a full year. Our assumption is that the annual average is 70 (US$ per barrel). This is only a few days and not affecting our budget,” he pointed out.