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JAKARTA - Indonesian President Susilo Bambang Yudhoyono announced on Sunday the reduction of oil prices to protect the country's economy from the fallout of the global financial crisis. The president made the decision after a cabinet meeting on Sunday evening, following the ease of the global oil prices to nearly 40 U.S. dollars a barrel from a record of over 147 U.S. dollars a barrel on July 11.
The gasoline price would be cut by 9 percent to 5,000 rupiah (about 33.3 eurocent) per liter and diesel oil by 13 percent to 4,800 rupiah (about 32 eurocent) per liter, said Coordinating Minister for Economy Sri Mulyani. The new prices will kick off on Dec. 15, according to the minister. The oil prices cut is expected to contribute to softening inflation pressure and trigger the country's central bank to cut its benchmark interest rate more aggressively.
At a press conference on Sunday evening, President Susilo said "The global economic turmoil has caused crude oil demand to decrease, and I have decided to reduce premium and gasoline prices." Minister Mulyani said that the price cut is aimed at increasing purchasing power to spur business sectors. "The price cut is expected to ease inflation by 0.3 to 0.5 percent so that it could boost purchasing power," said Mulyani.
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