Gasoline consumption and imports in Indonesia, Asia's largest importer of the motor fuel, could hit records this year as the nation recovers from COVID-related travel curbs, although growth is expected to slow slightly along with its economy.
Consultancy Wood Mackenzie said Indonesia's gasoline imports surpassed pre-pandemic levels last year at 380,000 bpd, a historic high based on data that goes back to 2010. This could rise to 390,000 to 400,000 bpd this year, WoodMac said.
"Demand is still expected to be robust with strong economic growth and mobility," said Ranice Tan, a research analyst at WoodMac. Still, government subsidies, which make up about half the retail price of gasoline, have softened the blow of skyrocketing energy prices for consumers, Tan said.Sales of subsidised gasoline stood at 29.81 million kl in 2022, according to estimates by Indonesia's downstream oil and gas regulator BPH Migas, said Saleh Abdurrahman, a committee member at the regulator.
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