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Indonesia’s President Widodo open to buying Russian oil as fuel prices soar

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Indonesia’s President Widodo open to buying Russian oil as fuel prices soar
Fast News

Indonesia is considering joining India and China in buying Russian oil despite threat of US sanctions, the Financial Times reports after an interview with President Joko Widodo.

Earlier this month Indonesia subsidised fuel prices by 30 percent as the countries President said the price hike was his
Earlier this month Indonesia subsidised fuel prices by 30 percent as the countries President said the price hike was his “last option” due to fiscal pressures, sparking protests across the nation.
(AA Archive)

Indonesian President Joko Widodo is
considering joining India and China in buying Russian oil to
offset increasing pressure of rising energy costs, the Financial
Times (FT) has reported.

“We always monitor all of the options. If there is the country (and) they give a better price, of course,” Widodo said in an interview with FT on Monday when he was asked whether Indonesia would buy oil from Russia.

Earlier this month, Widodo hiked subsidised fuel prices by 30 percent and said that the price hike was his “last option” due to fiscal pressures, sparking protests across the nation of 270 million people.

Any move to purchase Russian crude at prices above the cap agreed by G7 countries could subject Indonesia to US sanctions.

In August, Tourism Minister Sandiaga Uno said that Indonesia had been offered Russian crude at a 30 percent discount. 

Following this, the country’s state-owned oil company, Pertamina said it was reviewing the risks of buying Russian oil.

READ MORE: Oil prices slump as China Covid curbs, Fed rate hikes weigh on demand

READ MORE:
Russia generates more oil and gas revenues than pre-Ukraine conflict days


Source: Reuters

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