ANALISIS PERAN GANDA PT PERTAMINA (PERSERO): MONOPOLI REGULASI DAN KEPEMIMPINAN HARGA DI PASAR BBM INDONESIA

Abstract (English):This study examines the dual role of PT Pertamina (Persero) as a state-owned enterprise operating in two distinct energy market structures in Indonesia. Pertamina acts as a regulatory monopoly in the subsidized fuel market and as a dominant firm acting as a price leader in the oligopoly non-subsidized fuel market. Using a qualitative approach through narrative content analysis of regulatory documents and secondary data in the form of price adjustment news archives for the 2023–2024 period, this study finds that Pertamina functions as a regulatory monopoly based on Presidential Regulation Number 191 of 2014, which grants an exclusive mandate to distribute subsidized fuel for the public interest. On the other hand, in the non-subsidized market, Pertamina sets prices first, leaving competitors such as Shell and BP as price followers. This dual role creates a strategic dynamic that requires Pertamina to balance its public service mission with its commercial strategy, while also providing an important contribution to the study of industrial organization and energy policy in developing countries. Abstrak (Indonesia):Penelitian ini membahas peran ganda PT Pertamina (Persero) sebagai BUMN yang beroperasi dalam dua struktur pasar energi berbeda di Indonesia. Pertamina berperan sebagai monopoli regulasi di pasar BBM bersubsidi dan sebagai firma dominan yang bertindak sebagai pemimpin harga di pasar oligopoli BBM non-subsidi. Dengan pendekatan kualitatif melalui analisis konten naratif terhadap dokumen regulasi serta data sekunder berupa arsip berita penyesuaian harga periode 2023–2024, penelitian ini menemukan bahwa Pertamina berfungsi sebagai monopoli regulasi berdasarkan Peraturan Presiden Nomor 191 Tahun 2014, yang memberikan mandat eksklusif menyalurkan BBM bersubsidi demi kepentingan publik. Di sisi lain, di pasar non-subsidi, Pertamina menetapkan harga terlebih dahulu sehingga pesaing seperti Shell dan BP menjadi price followers. Peran ganda ini menciptakan dinamika strategis yang menuntut Pertamina menyeimbangkan misi pelayanan publik dengan strategi komersial, sekaligus memberikan kontribusi penting bagi studi organisasi industri dan kebijakan energi di negara berkembang.