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Indonesia gov't mulls fuel price cut

Xinhua, March 24, 2016 Adjust font size:

The Indonesian government is planning to reduce the oil prices as the global oil prices decrease, a minister said here on Thursday.

Indonesian Minister of Energy and Mineral Resources Sudirman Said said a decision on the size of the decrease will be made within two days. However, the government will only announce it by the end of this month, he added.

"The price reduction will be steep," Minister Said told reporters in Jakarta.

Currently the price of a low-grade, RON88 petrol, known locally as "Premium," is 7,150 rupiah (or less than one U.S. dollar) per litter and diesel fuel is 5,950 rupiah per litter.

Fuel consumption is among top contributors to the country's GDP growth which is expected to reach 5.3 percent this year.

Rupiah has been stable so far this year thanks partly to strong capital inflows into the country. The currency on Thursday traded at 13,250 against the greenback, according to data from Bank Indonesia. Endit