Indonesia Extends Crude Price Formula until December

Indonesia has extended the formula it uses for determining its official crude oil selling prices, a government official said Wednesday. "The current formula is still in place until December," said Evita Legowo, Oil and Gas Director General at the Energy and Mineral Resources Ministry.

The formula uses averages of assessments from price reporting agency Platts and RIM Intelligence, a Japanese trade publication
The latest decision follows one in January to maintain the current price formula until the second half of this year.

The government in January was considering including the Asian Petroleum Price Index, or APPI, in the current formula. Indonesia dropped the APPI in 2007, as including it in the formula led to an Indonesia crude price that was below international prices.

Based on Dow Jones materials.