ICP averaged $105.85 in 2013

The Indonesian Crude Price (ICP) averaged US$105.85 per barrel from January through December 2013.

It was lower than that the target of $108 per barrel set in the 2013 Revised State Budget, Directorate General of Oil and Gas said in its website Friday.

Throughout the year, the ICP reached its peak of $114.86 per barrel in February and its trough of $99.01 per barrel in May.

Meanwhile, the ICP over the period of December 2012-November 2013 stood at $105.82 per barrel. This figure was used as the basis to count the state revenue and subsidy since the State Budget uses cash basis principle. The ICP is calculated using the formula of 50 percent RIM coupled with 50 percent Platts.

Editing by Johannes Simbolon