The Energy and Mineral Resources Ministry's spokesman Agung Pribadi said in a statement here on Friday the most significant factor making the price fall was that coal stocks in India and other countries were quite high.
The drop in Indonesia's coal price is also due to the impact of the COVID-19 disease which has been restricting economic activities in each country.
According to Pribadi, in the midst of the pandemic, there was a tendency to use alternative energy from domestic sources.
"It is undeniable that since the outbreak of the pandemic, energy consumption patterns have been shifting to alternative sources," he said, adding that the referral coal price has tended to decline since the World Health Organization (WHO) declared COVID-19 as a pandemic.
The coal price strengthened by 0.28 percent to 67.08 U.S. dollars per ton in March compared to 66.89 dollars per ton in February. Then, the price weakened to 65.77 dollars per ton and 61.11 U.S. dollars per ton in April.
July's referral coal price is the lowest since February 2016 when the value was down to 50.92 dollars per ton.