Higher fuel costs are straining the Budget and external accounts, but economists see buffers holding
[SINGAPORE] Indonesia is absorbing much of the global oil shock through its Budget, shielding households from the full impact of higher energy prices even as its import bill surges.
An analysis by The Business Times of Statistics Indonesia data found that the country’s oil-and-gas import bill jumped 40.2 per cent year on year to US$25.8 billion in the first seven months of 2026, far outpacing the 10.9 per cent increase in physical volumes.
Indonesia’s oil-and-gas trade deficit consequently widened 78.2 per cent to US$18.8 billion over the same period.