Indonesia's Minster for Tourism and Creative Economies Sandiaga Uno confirmed that discussion about increasing the fee were ongoing.
"Any changes to the rate would be on par with other countries offering similar visa categories," he said as cited by Bali Sun newspaper.
Currently, the visa on arrival costs IDR500,000 ($33) and is valid for 30 days. This visa can be extended one time for an additional fee for a further 30 days.
The visa is available to travelers from 92 countries, making it one of the most widely accessible visa-on-arrival programs in the world.
Bali, famous for its long beaches, turquoise waters and ancient temples, is hoping to receive 4.5 million international arrivals this year, in addition to 9 million domestic travelers.
However, Southeast Asia’s largest economy is tightening control on foreign tourists to boost its image.
Indonesia has recently stopped the visa-free entry citizens of 159 countries and territories that used to be eligible, amid concerns about "disruption of public order and potential transmission of diseases."
Now only citizens from ASEAN member countries can enter Indonesia visa-free.