President Jokowi Calls for Assessing Impacts of Plunging Oil Prices on Economy

Cabinet Secretary Pramono Anung listens to President Jokowi’s introduction in an online limited meeting on Adjustment of Gas for Industries and Non-Subsidized Fuel Prices, Wednesday (18/3). (Photo by: Rahmat/PR)

President Joko “Jokowi” Widodo has called on his Cabinet Minister to oversee the impacts of the drop in global crude oil prices on the country’s economy.

“We’ve learned that world oil prices are now declining to roughly below US$30 per barrel and I call for calculation of its impact on the economy,” the President said in his introduction in an online limited meeting on the Adjustment of Gas for Industries and Non-Subsidized Fuel Prices, Wednesday (18/3).

“Do calculate how long this decline will occur, then the estimated price going forward,” he added.

The President also called for appropriate policies in response to the plunging global crude oil prices.

“We must respond [to this current situation] with the right policies. We must also be able to make the most of this momentum and seize opportunity on the economy,” the President said. (TGH/EN)

Translator: Muhardi
Reviewed by: M. Ersan Pamungkas