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Indonesia to cut subsidized fuel prices

Xinhua, January 16, 2015 Adjust font size:

The Indonesian government will trim prices of subsidized fuels effective next Monday in response to weakening global oil prices, helping the Southeast Asia largest economy's effort to cool inflation and control current account deficit.

Indonesian President Joko Widodo, popularly known as Jokowi, on Friday announced the policy at the State Palace.

For premium gasoline, its prices are trimmed to 6,600 rupiah (0. 524 U.S. dollars) from 7,600 rupiah (0.604 U.S. dollar) per litter, while diesel fuel prices are cut to 6,400 rupiah (0.508 U.S. dollar) from 7,250 rupiah ( 0.576 U.S. dollar) per littler, said the president.

The government also scales down prices of liquefied petroleum gas (LPG) for 12 kg size to 129,000 rupiah (10,244 U.S. dollar) from 134,000 rupiah (10.641 U.S. dollar), according to Jokowi.

President Jokowi urged governors, mayors and heads of districts to decrease prices on their own territories.

Previously, President Jokowi raised subsidized fuel prices by nearly 31 percent effective on Nov. 18 last year to free up more funds for infrastructures.

Indonesia is a net oil importer country and had provided a huge oil subsidy. Endi