Pertamina proposes change in MOPS-based fuel price formula

State oil and gas firm Pertamina on Wednesday proposed that domestic oil prices for 2003 be set at 15 percent above the Mild Oil Platts Singapore (MOPS) price index, from the current 5 percent.

?With the current formula, Pertamina can never make profit,? company president director Baihaki Hakim said in a parliamentary hearing.

Starting in March 2002, the government sets fuel prices for the domestic market every year based on the MOPS price index. (godang)