Government raises subsidized fuel prices
Saturday, May 24 2008 - 01:06 AM WIB
Government officially raised the prices of several fuels for non-industrial consumers by 28.7 percent on Saturday to prevent the fuel subsidy from swelling further as the result of the skyrocketing global oil market.
Minister of Energy and Mineral Resources Purnomo Yusgiantoro announced the fuel price hike in Jakarta on Friday night. The fuel price hike was made under the Energy and Mineral Resources Ministerial Regulation No. 16/2008 on fuel price.
The price of Premium gasoline has been raised to Rp 6,000 per liter (1US$= Rp 9,325) from Rp 4.500, diesel to Rp 5.500 per liter from Rp 4.300, kerosene to Rp 2.500 from the Rp 2000.
Under the existing regulation, the government provides subsidy for fuels consumed by the public but sells them at market price for industrial consumers. (godang)