Impacts of the Rise of Subsidized Diesel Fuel Price to the Commodity Price Through the Perspective of Islamic Economy

Anton Piyo Nugroho; Tulasmi

doi:10.24252/lamaisyir.v10i2.38581

Anton Piyo Nugroho Universitas Islam Indonesia Yogyakarta
(ID)
Tulasmi Universitas Islam Indonesia
(ID)

DOI: https://doi.org/10.24252/lamaisyir.v10i2.38581

Abstract

Some of the opinions of classical fuqoha' such as Ibn Khaldun, Ibn Taimiyah, Abu Yusuf, and so on stated that price fixing is only done through the number of requests and offers. However, along with the times, some fuqoha' argue that price fixing by the government may be done for the benefit of all Indonesian people. On September 3, 2022 the Government of the Republic of Indonesia raised the price of subsidized fuel for the Pertalite type from Rp. 7,650/liter to Rp. 10,000/liter. Then the type of Solar Price from the price of Rp. 5,150/liter to Rp. 6,800/liter. The increase in fuel prices can have direct and indirect implications for commodity prices. To ensure this, this study aims to analyze the long-term and short-term effects of the increase in the price of subsidized diesel fuel using the VAR/VECM model using E-Views 10.

References

Arizka, Hardianti, Iskandar Hasan, And Ida Rosada. 2018. "Analysis of Factors Influencing Price Fluctuations of Cayenne Pepper in the Barandasi Market, Maros Regency."Wiltani 1(2): 116–25.

Arze Del Granado, Francisco Javier, David Coady, And Robert Gillingham. 2022. “The Unequal Benefits Of Fuel Subsidies: A Review Of Evidence For Developing Countries.” World Development 40(11): 2234–48.

Cappenberg, Audri D. 2018. "The Effect of Using Diesel Fuel, Biosolar and Pertamina Dex on the Achievement of Single Cylinder Diesel Motors."Journal of Energy Conversion and Manufacturing 4(2): 70–74.

Data, Word. 2022.). Pertalite, Most Fuel Consumed by the Public in 2021. Jakarta.

Dewi, Yuliani et al. 2022. "The Impact of Increasing Fuel Oil (Bbm) Prices on Nine Staple Materials (Sembako) in Tambun Selatan District During the Pandemic Period."Jurnal Citizenship Virtues 2(2): 320–26.

Dwi, Agnesya, And Tamara Grasella. 2022. "The Impact of Increasing Fuel Oil (Bbm) Prices on Nine Staple Materials (Sembako) in Cilimus District."Journal Ek&Bi 5: 2620–7443.

Fuje, Habtamu. 2018. “Transportation Cost, Fuel Subsidies, And Commodity Prices. Cambridge Core.” Cambridge Core 02(01): 88–97.

Gujarati. 2018. ). Fundamentals of Econometrics. Bandung: Rainbow Light.

Islamia, Queen. 2022. "The Impact of Increasing Fuel Oil (Bbm) Prices on Nine Staple Ingredients at Sani Stores in Cirebon Regency."Journal Ekonomi Stie Cirebon 01(03): 1–22.

Kaimi, Lilis. 2021. "The Effect of Increases in Basic Food Prices on Inflation in the City of Banda Aceh."

Kamal. 2019. "Impact of Increase in Fuel Oil (Bbm) on Nine Basic Materials (Sembako) in Makassar City."

Knti. 2022. “Unraveling the Impact of Rising Fuel Prices on Vulnerable Community Groups :” : 1–12.

Kusmiyati. 2018. "The Impact of Increasing Prices of Staples on the Level of Community Welfare According to Islamic Economics in Tirtosari Village, Banyuasin I District."Energies 6(1): 1–8. Http://Journals.Sagepub.Com/Doi/10.1177/1120700020921110%0ahttps://Doi.Org/10.1016/J.Reuma.2018.06.001%0ahttps://Doi.Org/10.1016/J.Arth.2018.03.044%0ahttps://Reader.Elsevier.Com/Reader/Sd/Pii/S1063458420300078?Token=C039b8b13922a2079230dc9af11a333e295fcd8.

Latif, Abdul. 2019. "The Impact of Oil Fuel Price Fluctuations on the Supply of Nine Basic Materials in Traditional Markets."Abdul Latif 11(01): 1–23.

Lince Bulutoding, Rika Dwi Ayu Parmitasi, Muhammad Auliya'a Dahlan. 2016. "The Influence of Return on Assets (Roa) and Debt to Equity Ratio (Der) on Stock Prices with Dividend Policy as an Intervening Variable (Empirical Study of Companies Registered on the Jakarta Islamic Index (Jii) Period 2010-2016)."Scientific Journal of Civilization Accounting Iv(2): 1–14.

Marhamah Saleh. 2019. "Sharia Market 'Ah."Sharia media Xiii(1): 21–35.

Muhardi. 2005. "Increase in the price of fuel oil (BBM) and its implications for Indonesia's macro economy."Increase in the Price of Fuel Oil (Bbm) and Its Implications for Indonesia's Macro Economy Xxi(4): 454–74.

Muslimin, Supriadi, Zainab Zainab, And Wardah Jafar. 2020. “The Concept of Pricing in an Islamic Perspective.”Al-Azhar Journal Of Islamic Economics 2(1): 1–11.

Novianto, Ferdy. 2018. “Renewable Energy Policy Scenarios As Implementation Moderation Of Fuel Subsidy Policy In Indonesia.” Emeralad Insight 20(05): 527.

Oktaviani, Rina, Dedi B. Hakim, Sahara Sahara, And Hermanto Siregar. 2016. “Impact Of A Lower Oil Subsidy On Indonesian Macroeconomic Performance, Agricultural Sector And Poverty Incidences: A Recursive Dynamic Computable General Equilibrium Analysis.” Ssrn Electronic Journal.

Pradana, Dedhy, Syarifah Hudayah, And Rahmawati Rahmawati. 2018. "The Influence of Product Quality Prices and Brand Image Brand Image on Motorcycle Purchasing Decisions."Performance 14(1): 16.

Rozalinda. 2016. "Islamic Economics, Theory and Its Application to Economic Activity, Jakarta: Pt."King of Grafindo Persada: 12–39.

Sihak, Khodijah. 2019. "Pricing Viewed in an Islamic Perspective."Economics of Will Being: 35–49.

Sinambow, Sandy, And Irvan Trang. 2015. "The Effect of Price, Location, Promotion and Service Quality on Purchasing Decisions at Game Computer Stores Mega Mall Manado Zone."Emba's Journal 3(3): 300–311.

Sugiyono. 2019.Quantitative Research Methods, Qualitative, R&D.

Supriyanto, Achmad Sani. 2019.HR Management Research. Malang: Media Intelligence.

Verina J. Wargadalam, Anda Nugroho, Hidayat Amir,. 2016. "Considering Various Alternatives to Adjusting Premium Fuel Prices and Their Impact on the Economy."Economic and Financial Studies 19(3): 246–65.