DILI, 18 March 2026 (TATOLI) – Amid the rising global oil prices, the Minister of Petroleum and Mineral Resources, Francisco da Costa Monteiro said Timor-Leste has sufficient oil supplies and urged the public not to be concerned.
“Fuel supply remains sufficient to meet national demand for the next two months,” Minister Monteiro said at a press conference in Dili.
He said the recent rise in domestic fuel prices reflects the country’s free-market system, under which local prices track global trends, particularly movements in crude oil and gas.
Global crude prices have surged in recent weeks, according to Trading Economics data, briefly topping US$100 per barrel in March 2026 — up more than 60% over the past month amid geopolitical tensions.
Crude oil, a key pillar of global economic activity, is highly sensitive to shifts in supply and demand. Benchmark grades, including Brent crude for Europe, Africa and the Middle East, and U.S. West Texas Intermediate (WTI), have remained highly volatile.
As of March 18, oil was trading at around $93.95 per barrel, up more than 40% over the past month, underscoring sustained market pressure.
The surge has been largely driven by geopolitical tensions, particularly conflicts in the Middle East that have disrupted major supply routes such as the Strait of Hormuz, through which about 20% of global oil supply typically passes.
Such disruptions have tightened global supply and pushed prices close to, or above, $100 per barrel at times.
Additional factors, including stronger energy demand following global economic recovery, limited production capacity and output adjustments by major producers such as OPEC+, have further contributed to price volatility.
Monteiro said the government is working closely with relevant institutions and fuel importers to ensure a steady supply of fuel while addressing the factors behind recent increases in fuel prices.
The government has intensified coordination with the National Petroleum Authority (ANP), Timor GAP, and fuel importers, including Pertamina Internasional and ETO, to maintain a stable supply and prepare for possible disruptions.
“If there is a significant price increase, the government will take the necessary measures to reduce the impact on the public and the economy,” he said.
Monteiro acknowledged public concern over rising fuel prices but stressed that the situation remains under control and does not require panic.
Government is also preparing short-term policy measures to help stabilise prices while continuing to monitor rapidly changing global market conditions.
Journalist: Cidalia Fátima
Editor: Armandina Moniz
Translation: Camilio de Sousa
