13.4

Pertamina is asking for another adjustment on their "alpha" to 13.4% (Kompas, 22/1/2009). Given the assumptions of 45dpb crude oil and 11,000Rp/$ exchange rate, that would translate to an accounting price of subsidized gasoline at Rp 4,983 or ~ Rp 5,000, again keeping the 10 percent value added tax and 5 percent vehicle fuel tax.