PT Pertamina (Persero) Has Received Payment Of Fuel Compensation
Dear investors,
We are delighted to share with you that PT Pertamina (Persero) has received payment of fuel compensation totalling IDR 132.44 trillion (including VAT) or IDR 119.31 trillion (excluding VAT) for the year of 2023 and appreciates the government's support through the Ministry of Finance, Ministry of State-Owned Enterprises, and Ministry of Energy and Mineral Resources in providing facilitation throughout the entire process. This payment covers compensation funds for Q1–Q3 2023, amounting to IDR 82.73 trillion, while in 2022 was amounted to IDR 49.14 trillion, and in 2021 was amounted to to IDR 569 billion.
The funds represent compensation for the price difference between the formula and retail prices at gas stations for the distribution of Specific Types of Fuel (JBT) Solar and Special Assignment Types of Fuel (JBKP) Pertalite, reviewed by the Inspectorate of the Ministry of Finance of the Republic of Indonesia. Furthermore, Pertamina encourages the public to register for the Targeted Subsidy Program via website to identify eligible consumers and monitor the consumption of JBT Solar and JBKP Pertalite.
Moreover, Pertamina remains dedicated to operational cost efficiency at both the Holding and Subholding levels, achieving a cost efficiency realization of USD 984.17 million or approximately IDR 14.99 trillion within the Pertamina Group until November 2023.
Additionally, Nicke Widyawati, Pertamina's CEO, emphasizes the company's commitment to optimizing the consumption of subsidized fuels by eligible individuals. Various efforts include utilizing technology to monitor real-time subsidized fuel purchases at gas stations, strengthening digitalization infrastructure at gas stations, and developing an alert system that has successfully reduced the risk of subsidized fuel misuse by approximately USD 200 million or around IDR 3.04 trillion since its implementation from August 1, 2022, to December 31, 2023. Pertamina also continues to enhance collaboration with law enforcement agencies to improve oversight and take action against the improper use of subsidized fuels.
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We sincerely appreciate your continued and profound interest in Pertamina. If you have any questions regarding this email or any other matters related to Pertamina’s scope of business, please do not hesitate to contact our Investor Relations Team at pertamina_ir@pertamina.com
Best regards,
Pertamina Investor Relations