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Diesel prices set to rise once more in Indonesia JAKARTA - JAKARTA Pertamina, a state-owned oil company, said Monday that it planned to raise the price of diesel sold in Indonesia to mining, oil, cement and export companies next month for the fourth time in half a year after crude oil costs surged. The company will set the prices based on the average crude oil price in August, Achmad Faisal, head of the fuel division, told reporters.

Indonesia is taking steps to reduce the amount it spends on keeping fuel prices below market levels to achieve its budget deficit target. Indonesia's fuel subsidies may double to 150 trillion rupiah, or $15 billion, this year because of rising international oil prices, Vice President Jusuf Kalla said last week. With the estimated increase in subsidies, the budget deficit may widen to 70 trillion rupiah, or 1.5 percent of gross domestic product, Kalla said then.

The government will also increase retail prices for liquefied petroleum gas before next year, Ari Sumarno, Pertamina's trading and marketing director, told reporters Monday. Pertamina this month raised the price of diesel sold for industrial use to reduce subsidy costs. Oil prices reached a record $67.10 a barrel in New York on Friday. Oil prices have risen 44 percent compared with a year ago.

Bumi Resources, the largest coal exporter in Indonesia, said on July 8 that the increase in fuel prices would drive up the cost of extracting coal from its mines in Kalimantan. Mining companies and cement makers in August started paying 5,480 rupiah a liter for diesel, an increase of as much as 16 percent from the previous month, according to figures on Pertamina's Web site. The price of leaded premium gasoline rose by 14 percent to 4,640 rupiah a liter in August.

The new prices apply to large fishing vessels, mining companies, cement and steel makers, oil and gas producers, and other companies, Pertamina said. "Product prices, including crude, refined oil and petrochemical products are all expected to remain at a high level" through 2005, the company said in its statement.



Posted in Economy @ 16 August 2005 07:17 CET by Jeroen · 'Blog' RSS feed · permalink






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