The average ICP price in March is used to determine subsidized (low-octane) gasoline prices in April. Apart from the ICP price, the Indonesian government also takes into account the performance of the Indonesian rupiah versus the US dollar. An appreciating US dollar provides inflationary pressures. Up to 24 March, the rupiah slightly depreciated against the US dollar in March.

Indonesian Rupiah versus US Dollar (JISDOR):

| Source: Bank Indonesia

IGN Wiratmaja, Acting Director General of Oil & Gas at the Indonesian Ministry of Energy and Mineral Resources, said that the government has not yet decided whether there will be a subsidized fuel price hike per 1 April. However, given the higher crude oil price and US dollar appreciation, it is a serious possibility.