Indonesia Sets Dec 2025 Coal Reference Price at US$98.26 per Ton

Indonesia's Ministry of Energy and Mineral Resources (ESDM) set the Coal Reference Price (HBA) for the first half of December 2025 at US$98.26 per ton, down from US$102.03 in the previous period. The price is effective for two weeks starting 1 December 2025 and serves as the benchmark for coal pricing.

The HBA is the basis for calculating the Non‑Tax State Revenue (PNBP) levy on coal sales, as stipulated in Government Regulation No. 18/2025 which replaces the earlier PP 15/2022. PNBP rates range from 15% to 28% depending on the HBA level, with an 18% rate applied when HBA is between US$70 and US$120 per ton.

A lower HBA reduces the PNBP burden for coal producers, while the progressive rate structure preserves government income. The measure is intended to help maintain stable coal prices in both domestic and global markets.