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January 10, 2009

Indonesia to cut fuel prices again
Indonesian Vice President Jusuf Kalla said here Friday that the government would reduce domestic prices of subsidised fuel following the slumping of the global oil prices, reported the Jakarta Post.

But the vice president declined to elaborate on the amount of the reduction.

Meanwhile, Indonesian acting Minister for Economy Sri Mulyani said that the government would announce about the prices change on January 12.

The Southeast Asia largest economy is struggling to boost spending power as an effort to spur sagging economy which is forecast to face deepening fallout of the global recession at the first half of this year.

Thank to the stimulus package, good outlook of inflation performance and high spending on the legislative and presidential poll in April and July this year, which are predicted to be able to cushion the impact of the recession, the government is still optimistic that the economy may expand to 5.5 percent, according to Minister Mulyani.

The government cut twice of the subsidised oil prices in December following the fall of global oil price to over $40 a barrel from a record of about $147 a barrel on July 11, 2008.

Indonesian authorities cut subsidised oil prices on December 1 by 8.3 percent to 5,500 rupiah ($0.51) per litter. On December 15, it reduced the gasoline price by 9 percent to 5,000 rupiah ($0.45) per liter and diesel oil by 13 percent to 4,800 rupiah ($0.43) per liter.

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