New Basic Price Formula for Certain Types of Fuel Oil

On December 8, 2023, the Minister of Energy and Mineral Resources (the “MEMR”) issued Decree No. 439.K/MG.01/MEM.M/2023 of 2023 on the Basic Price Formula for Certain Types of Fuel Oil (“Decree 439/2023”). Decree 439/2023 revokes the MEMR Decree No.  148 K/12/MEM/2020 of 2020 on the Basic Price Formula for Certain Types of Fuel Oil and Specific Types of Fuel Oil for Assignments (“Decree 148/2020”).

Under Decree 439/2023, it is stipulated that the basic price formula for certain types of fuel oil determined by the MEMR is as follows:

  1. For Kerosene with a formula of 102.49% (one hundred two point forty nine percent) Kerosene Market Index Price + Rp263.00/liter (two hundred sixty three Rupiah per liter); and
  2. For Gas Oil with a formula of 100% (one hundred percent) Gas Oil Market Index Price + Rp868.00/liter (eight hundred sixty eight Rupiah per liter).

The above basic price formula shall be used as a basis to determine the basic price of every liter of certain types of fuel oil. Decree 439/2023 became effective as of December 8, 2023 and the prices may be evaluated in due course.



Please contact Johannes C. Sahetapy-Engel (, and Ammarsyarif G. Goenawan ( for further information.



The foregoing material is the property of AKSET and may not be used by any other party without prior written consent.  The information herein is of general nature and should not be treated as legal advice, nor shall it be relied upon by any party for any circumstance.  Specific legal advice should be sought by interested parties to address their particular circumstances.

Any links contained in this document are for informational purposes and are available and relevant at time this publication is made.  We provide no liability whatsoever in respect of any information or content in such links.