Jakarta, June 26 -- The Indonesian government has formulated a new airfare cap that will take effect once aviation fuel prices and global geopolitical conditions stabilize, Transportation Minister Dudy Purwagandhi said.

"Regarding the airfare cap, the new formula has been finalized. Once fuel prices stabilize, we will implement it," Dudy said during a media briefing in Jakarta on Friday.

He said implementation of the new airfare cap still depends on stable global aviation fuel prices to ensure the policy supports the sustainability of the domestic aviation industry.

However, he did not disclose the new fare levels.

Dudy said the new policy was formulated by reviewing the fare components used when the airfare cap was last adjusted in 2...