Minister sets fuel oil market price index
Tuesday, July 11 2017 - 02:40 AM WIB
Petromindo
Minister of Energy and Mineral Resources Ignasius Jonan had on June 22 issued Ministerial Decree No 2371/K/12/MEM/2017 on fuel oil market price index (or HIP-BBM).
According to copy of the decree obtained by Petromindo.com Tuesday, the HIP-BBM for three fuel oil products is determined based on a formula as follows.
For the Premium brand gasoline, the index is determined based on the average of Mean of Platts Singapore (MOPS) for Mogas 92 in the previous three months with a formula of 98.42 percent of MOPS 92.
For automotive diesel fuel, the formula is 0.25 percent of the three-month MOPS of gas oil.
For kerosene, the formula is based on three-month MOPS of jet kerosene.
The HIP-BBM has been effective since July 1, 2017. The HIP-BBM is determined every three months by the Directorate General of Oil and Gas at the ministry.
Editing by Reiner Simanjuntak