Fuel prices for industry down

Prices of most fuel products for industrial use will fall slightly in March as global crude prices decline amid easing tension over a possible nuclear crisis in Iran, state oil and gas firm PT Pertamina say, The Jakarta Post reported on Tuesday.

The price of diesel for March delivery has been set at Rp 5,270 (57 U.S. cents) per liter for transportation purposes and Rp 5,043 per liter for manufacturing needs, some 3 percent lower than this month?s prices, Pertamina?s fuel division head, Djaelani Sutomo, said Monday.

?These prices become effective March 1,? said Djaelani.?The official order will be signed tomorrow.?

The price of fuel oil, for industrial use will rise by 6.5 percent next month to Rp 3,600 per liter, up from Rp 3,380 a liter in February, while the price of premium gasoline will fall by Rp 38 per liter to Rp 4,898 in March.

Kerosene will be sold at Rp 5,747 per liter, representing a small increase compared to the current price of? Rp 5,740, said Djaelani.

The new, prices are based on the average Mid Oil Platts Singapore prices between Jan. 15 and Feb.15, with a premium of 15 percent to cover transportation and distribution costs, and Pertamina?s profit margin.

Crude prices started to fall after Iran said it might let Russia process its uranium, thus easing concerns of United Nations? sanctions against the major oil producer. (*)