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S&P’s Early Warning Is Already Flashing

Monday, April 20, 2026

S&P’s warning sharpens the risk behind cheap subsidized fuel price. If oil stays high, the bill comes due.

arsip tempo : 177879745321.

Illustration: Tempo/Alvin Siregar. tempo : 177879745321.

PRESIDENT Prabowo Subianto’s decision to hold fuel prices steady through the end of 2026 is bold. The risks are considerable. Yet it is also unmistakably popular. Few Indonesians want to pay more at the pump, and governments have long learned that higher fuel prices carry an outsized political cost.

For years, the country has been comforted by a flawed doctrine: that keeping fuel prices low is a core obligation of the state. Freezing price

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Yopie Hidayat

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