October ICP slips to $63.62
Wednesday, November 19 2025 - 07:42 AM WIB
By Romel S. Gurky
The Ministry of Energy and Mineral Resources (ESDM) has set Indonesia’s crude oil benchmark price (ICP) for October 2025 at $63.62 per barrel, down from $66.81 in September.
The new ICP level is stipulated in Ministerial Decree No. 351.K/MG.01/MEM.M/2025, dated November 10, 2025, according to a copy obtained by Petromindo.com on Wednesday.
Read also : September ICP edges up to $66.81
October’s decline follows a modest increase in September, when the benchmark edged up from August’s level amid shifting global supply–demand dynamics. The latest decrease reflects continued downward pressure in the international crude market.
The decree takes effect immediately, with the ministry noting that corrections may be made if errors are found, in accordance with prevailing regulations.
Editing by Reiner Simanjuntak