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Indonesia plans to hike fuel prices next week: Minister

Indonesian President Joko Widodo may announce a fuel price hike next week to reduce spending on energy subsidies, said Coordinating Minister for Maritime Affairs and Investment Luhut Pandjaitan on August 19.
Indonesia plans to hike fuel prices next week: Minister ảnh 1Illustrative image (Photo: Reuters)

Jakarta (VNA) – Indonesian President Joko Widodo may announce a fuelprice hike next week to reduce spending on energy subsidies, said Coordinating Minister for MaritimeAffairs and Investment LuhutPandjaitan on August 19.

The Southeast Asia'slargest economy has tripled its 2022 energy subsidy budget to 502 trillionrupiah (33.82 billion USD) amid rising oil prices and a depreciating rupiah.

President Widodo saidearlier this week he was considering hiking prices, after Finance Minister SriMulyani Indrawati said more money would likely be needed if fuel prices were tobe kept unchanged until the year's end.

In a public lecture at auniversity in the city of Makassar, South Sulawesi, Pandjaitan said his ministry has developed an economic model to ease inflationary impact.

Indonesia's inflation reached aseven-year high of 4.94% in July due to rising food prices. The President hassaid that had the government not kept fuel prices and some power tariffsunchanged, inflation may have soared higher./.

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