slowly, then suddenly. Its like Covid all over again but with oil.
$XLE
BREAKING: Bali has run out of fuel, with hours-long queues outside gas stations since Sunday and attendants posting signs reading "Sorry, no fuel available." Shortages are now hitting at least 11 Indonesian provinces.
Waiting times reached 2 to 3 hours in West Sumatra, and diesel queues ran about a kilometre on the Merak-Tangerang highway in Banten. Diesel or Pertalite sold out in Aceh, Riau, West Kalimantan, South Sulawesi, North Sulawesi and Yogyakarta.
Fuel tenders now attract few participants, per Indonesia's oil and gas director general, forcing the government to seek supplies directly from countries with surplus stocks at higher prices. Indonesia lost 25% of its fuel import sources after the Iran war began.
Bali is now preparing to restrict subsidised fuel sales to the top income decile.