Indonesia Min:New Fuel Prices To Remain Below International Prices
- From: "Chim" <ChimS1@xxxxxxx>
- Date: 29 Sep 2005 04:19:44 -0700
JAKARTA -(Dow Jones)- Indonesia's Chief Economic Minister Aburizal
Bakrie Thursday predicted that domestic fuel prices will still be
IDR700-IDR800 a liter below international market prices after a
government price hike this weekend.
"Fuel prices will still be less than IDR7,000-IDR8,000/liter," Bakrie
said.
"So fuel prices here will still be lower than those in Laos, Cambodia
and Timor Leste."
Thousands of people were protesting across Indonesia Thursday,
demanding that the government cancel the fuel price hike plan.
Bakrie didn't say how much the government will increase fuel prices.
Earlier he said the details of the hike will be announced at 1500 GMT
Friday.
The price of premium gasoline in Indonesia is currently at
IDR2,400/liter, while high-speed diesel costs IDR2,300/liter.
Bakrie indicated the government will gradually increase fuel prices
next year to bring the cost of gasoline and high-speed diesel closer to
international levels by the end of 2006. The price of kerosene is
expected to match global prices by end-2007.
The government is forced to increase fuel prices for the second time
this year to keep fuel subsidies from busting its budget.
Parliament and the government have agreed to cap this year's subsidies
at IDR89.2 trillion. Of the amount, IDR78 trillion has been utilized,
Bakrie said.
-By Farida Husna, Dow Jones Newswires; 62-21 39831277; I-Made.Sentana@
dowjones.com
-Edited by Ryan Woo
(END) Dow Jones Newswires
09-29-050504ET
Copyright (c) 2005 Dow Jones & Company, Inc.
Copyright (C) 2005 Dow Jones & Company, Inc. All Rights Reserved.
2005-09-29 05:04 -04
Copyright (C) 2005 Dow Jones & Company, Inc. All Rights Reserved.
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