The Energy and Mineral Resource Ministry is asking another 'alpha' for Pertamina. Now they want a fixed figure of Rp 693.5 if Indonesian Crude Price (ICP) is between $40 and $50; and Rp 704 if between $50 and $60. If we assume ICP match WTI, then those two rupiah figures correspond to an alpha of 15.8 and 13.5, respectively, taking the midpoint of both ranges.
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