March 26, 2026 | 09:42 am
TEMPO.CO, Jakarta - Former Indonesian President, Susilo Bambang Yudhoyono (SBY), stated that the current geopolitical situation has adversely affected the increase in oil, gas, and fuel prices in various countries. According to him, this global market turmoil has also impacted Indonesia.
He urged Indonesian President Prabowo Subianto's administration not to panic in handling the Middle East conflict's market turmoil. "However, our actions should not be delayed and must be appropriate," said SBY in a tweet on his official account @SBYudhoyono, on Wednesday, March 25, 2026.
Chair of the Democratic Party's High Council recounted experiencing a similar crisis while he was still in office. SBY said that world oil prices skyrocketed in several years, such as in 2004-2005, 2008, and 2013.
He mentioned that the soaring oil prices at that time put real pressure on the country's economy. "Fiscal and state budget deficits widened, inflation or price stability was disrupted, and the impact on the less fortunate was deeply felt," he said.
SBY stated that the situation at that time was not easy to overcome. He said that his administration then decided to increase subsidies and raise fuel prices as a policy response to the global oil price hike.
"The government also conducted a massive energy conservation campaign," he said.
SBY acknowledged that his decision to raise fuel prices and increase subsidies at that time created massive pro and contra reactions. He said that the situation in the legislative institution was tumultuous, and the public took to the streets to protest against the policy.
"But in the end, our economy was saved, and the less fortunate were protected through the Direct Cash Assistance (BLT) program," he said.
The current global market turbulence in Prabowo's administration is not overlooked by SBY. He stated that he is following the policy measures prepared by Prabowo in responding to the global situation. SBY mentioned the energy conservation initiative proposed by Prabowo's government.
He said that energy conservation is carried out to reduce the state budget deficit. However, SBY stated that the government actually has several policy options to save the state budget this year.
"The most important thing is for our economy to be saved, including maintaining growth, managing inflation, and preventing massive layoffs," he said. SBY also reminded the government to continue to pay attention to the fate of the less fortunate amidst the current situation.
Read: Ex-President SBY Raises Alarm Over Possibility of World War III
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