Govt to cut fuel prices Monday: Purnomo
Monday, January 20 2003 - 03:35 AM WIB
The government will cut fuel prices on Monday using Rp1 trillion (US$=Rp 8870) from oil windfall profits, Minister of Energy and Mineral Resources Purnomo Yusgiantoro said on Monday.
?Price cut will apply on all kinds of fuel,? Purnomo told reporters.
The minister said the government would announce the price cut around midday on Monday after a cabinet meeting.
The minister did not say however to what level fuel prices would be cut.
On January 2, the government raised fuel prices by up to 22 percent, having increased electricity and telephone charges by an average of six and 15 percent respectively the day before.
Meanwhile, oil and gas director general Iin Arifin Takhyan said Monday Indonesian Crude Price reached $30 per barrel on that day.
The 2002 state budget sets crude price at $24 per barrel with rupiah exchange rate of Rp9,000 against the US dollar. (godang)