Indonesia freezes fuel prices as global oil surges past $107

Indonesia will not raise prices for its subsidized fuels, even as global oil prices climb above $107 per barrel. The Ministry of Energy and Mineral Resources confirmed the decision, saying the government will absorb the rising costs to protect households and businesses. Subsidized fuels include Pertalite, a widely used gasoline, and Solar, a diesel fuel. These are sold below market price to keep transport and food costs down in Southeast Asia's largest economy. Global oil prices have risen sharply in recent weeks, driven by supply concerns and geopolitical tensions. Higher crude prices normally push up fuel costs in importing countries like Indonesia. The government has not said how long it will hold prices steady or how much the subsidy will cost.