Government and House of Representatives Agree on 2024 Energy Subsidy Budget: Details Inside

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Nabilah Muhamad 20/09/2023 15:58 WIB

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The Indonesian government and the House of Representatives' Budget Board (Banggar DPR RI) have agreed on an energy subsidy budget of Rp 189.1 trillion for 2024, a 1.73% increase from the proposed 2024

Energy Subsidy Allocation in the 2024 State Budget Draft and the Value Agreed Upon by the Government and the DPR (September 19, 2023)

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Government and House of Representatives Agree on 2024 Energy Subsidy Budget: Details Inside

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Energy Subsidy Allocation in the 2024 State Budget Draft and the Value Agreed Upon by the Government and the DPR (September 19, 2023)

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The Indonesian government and the House of Representatives' Budget Board (Banggar) have agreed on an allocation of Rp189.1 trillion (approximately US$12.3 billion) for energy subsidies in 2024.

This figure represents a 1.73% increase compared to the proposal in the 2024 State Budget Draft (RAPBN), which amounted to Rp185.9 trillion (approximately US$12.1 billion).

Banggar DPR member Nurul Arifin explained that the increase in the agreed-upon energy subsidy compared to the RAPBN is due to increased allocations for specific types of fuel (BBM) and 3 kg LPG cylinders.

Nurul detailed that the allocation for specific types of BBM in 2024 has been agreed upon at Rp25.8 trillion (approximately US$1.7 billion), an increase from the Rp25.7 trillion (approximately US$1.7 billion) proposed in the RAPBN 2024. This also marks the largest BBM subsidy in the last four years.

Furthermore, the allocation for 3 kg LPG subsidies in 2024, initially budgeted at Rp84.4 trillion (approximately US$5.5 billion), has been increased to Rp87.5 trillion (approximately US$5.7 billion). However, this remains lower than the LPG subsidy in the 2022-2023 period.

The agreed-upon subsidy for electricity in 2024 remains the same as the RAPBN proposal, at Rp75.8 trillion (approximately US$4.9 billion).

In terms of volume, subsidized fuel for next year is set at 19.58 million kiloliters (kl), comprising 0.58 million kl of kerosene and 19 million kl of diesel.

"The diesel fuel subsidy remains at Rp1,000 per liter," said Nurul in a joint meeting between the Banggar DPR and the government on Tuesday (September 19, 2023).

The agreed-upon volume for subsidized 3 kg LPG is 8.03 million metric tons.

Nurul stated that the increase in the allocation for BBM and LPG subsidies compared to the RAPBN aligns with the change in the Indonesian Crude Price (ICP) assumption, from the initial US$80 per barrel to US$82 per barrel.

Editor : Adi Ahdiat

"Disclosure: This is an AI-generated translation of the original article. We strive for accuracy, but please note that automated translations may contain errors or slight inconsistencies."

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Government and House of Representatives Agree on 2024 Energy Subsidy Budget: Details Inside

Government and House of Representatives Agree on 2024 Energy Subsidy Budget: Details Inside

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Government and House of Representatives Agree on 2024 Energy Subsidy Budget: Details Inside

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