Crude oil prices could average at $24 a barrel in year 2000
Friday, June 16 2000 - 04:00 AM WIB
The government is expected to enjoy a windfall income this year as crude oil prices could average US$24 a barrel for this year, far higher than $20 a barrel set at the government's year 2000 budget, an official said on Thursday.
The director of non-tax revenue at the Ministry of Finance, Sahala Lumban Gaol, noted that in May crude oil prices averaged at $37 a barrel, higher than $24 a barrel reached in April.
"With crude oil prices of over $20 a barrel, the government's domestic revenues from oil is expected to be higher than the target," Lumban Gaol said.
Unlike the previous budget, the 2000 budget spans from April 1 through Dec. 31, 2000, three months short of normal budget year.
Lumban Gaol, however, could not predict how much revenue the government would get from oil and gas. He noted that the current 2000 budget foresees the revenue from oil would reach Rp 25.31 trillion, with an assumption that oil prices average at $20 a barrel.
He also said that his office was currently working on registering non-budgetary funds, managed by various state agencies and department.
As of April 29, Lumbon Gaol said, his office had been able to collect Rp 520.6 billion in non-budgetary fund. All that fund is now kept by the state treasurer. The government targets to align Rp 6.1 trillion of non-budgetary fund into the state budget. He noted that that amount of non-budgetary fund excluded the much-debated forestry fund. This forestry fund had been incorporated into the state budget. The government expects to collect Rp 4.1 trillion from reforestation funds alone. (*)