Pertamina says lost 20% market share of industrial fuel

State oil and gas company PT.Pertamina estimated that it had lost 15-20 percent market share for non-subsidized industrial fuel since the market was opened for competition a few years back.

CEO Ari Soemarno told a parliamentary hearing on Monday that new players such as Chevron, BP Plc and local firm AKR Corporindo had managed to penetrate Pertamina’s monopoly by offering competitive prices to industrial customers.

Ari did not give any detail about the volume of fuel it sells to industrial customers. (godang/bernard)