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Indonesia to raise oil price by 30-60% JAKARTA - Indonesia will increase oil price from Oct. 1 at a range of 30 to 60 percent, in an effort to adjusts piraling global oil price and to defend the country's currency from US dollar, Indonesian Vice President Jusuf Kalla said here Wednesday. "He (vice president) said the rise could be more than that (30 percent), may be 50 percent or 60 percent," Chairman of Indonesian Church Union Andreas Yuwangoe told reporters after meeting with the vice president at the vice presidential office here.

Kalla said the subsidy for the oil sector had been mounted to 130 trillion rupiah (13 billion US dollar), according to Yuwangoe. Indonesia's rupiah weakened to a four year low against US dollar last week due to the rise of global oil price. Security Minister Widodo AS said to anticipate the possible reaction of the hike, the government is preparing for the acts.

"We are aware that the decision (to increase prices) will create a reaction from the people in the form of protests," he told reporters after a Cabinet meeting. The government has pledged to provide direct cash payments to millions of poor families as compensation of the plan. The hike of oil price is a sensitive political issue in the country with over 220 million people. Riots caused by the price hike in 1998 contributed to the collapse of former President Suharto


Link to related event Related event:
Fuel price hike 1 October 2005

Related blog entries (category 'Economy') Related blog entries (category 'Economy'):
21 September 2005 · Govt prepares for protests over planned fuel price hikes
14 September 2005 · Indonesia may raise fuel prices by 50% in October
12 September 2005 · Indonesia says to hike fuel prices in early October


Posted in Economy @ 22 September 2005 07:20 CET by Jeroen · 'Blog' RSS feed · permalink






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