March 26, 2026 | 08:57 pm
TEMPO.CO, Jakarta - The Minister of Energy and Mineral Resources, Bahlil Lahadalia, is set to increase the benchmark price of nickel. This decision follows a strategic meeting with President Prabowo Subianto.
According to Bahlil, raising the nickel benchmark price is a mechanism to bolster state revenue from the mineral sector, a move directly requested by President Prabowo Subianto. "Most likely, I will increase the benchmark price for nickel," Bahlil stated in a written release on Thursday, March 26, 2026.
The Golkar Party Chair noted that the upward adjustment of the nickel benchmark is part of a broader effort to prioritize national interests regarding Indonesia's natural resources. Bahlil mentioned that Prabowo emphasized that natural resources are fundamentally state assets, regardless of whether they are managed by private entities or state-owned enterprises.
Prabowo instructed Bahlil to place the country's interests above all else in the management of Indonesia's natural wealth. "Our natural resources are state assets, and that is why the President has instructed us to seek sources of income in the mineral sector that have historically not been fair to the country," Bahlil said.
During the meeting, Bahlil stated that the Ministry of Energy and Mineral Resources has outlined several targets to be achieved throughout 2026. Some of these objectives are centered on downstreaming initiatives and coal production quotas.
"Ideally, we want favorable prices and high production. However, if that is not possible, then our commodities should not be sold cheaply, and the supply must remain within sustainable boundaries," Bahlil added.
In addition to downstreaming, Bahlil also discussed the development of alternative energy to achieve national energy self-sufficiency. According to Bahlil, President Prabowo directed that all domestic energy potentials, including ethanol and biodiesel derived from crude palm oil (CPO), be harnessed for new and renewable energy.
"The President has instructed us to optimize all the energy potentials that exist in our country, whether it be ethanol, biodiesel from CPO, or finding ways to accelerate the energy transition through new renewable energy," Bahlil explained.
Read: How Countries Are Tackling the Global Energy Crisis
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