Indonesia won’t raise the price of subsidised fuel in Q3

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Last Updated on August 20, 2022 by Bitfinsider

According to CNBC Indonesia, a top official confirmed on Saturday (Aug. 20) that Indonesia will not raise the price of subsidised fuel this quarter, quelling speculation that the government might do so next week.

Without providing additional information, Airlangga Hartarto, the head of the economic ministry, stated that the government is still considering several scenarios including fuel subsidies.

As a result, he stated, there would be no increases in fuel prices in the third quarter of this year.

Another senior official previously stated that President Joko Widodo may announce a fuel price increase the next week in an effort to cut down on energy subsidy spending, which the president has previously referred to as “very high” at 502 trillion rupiah (US$33.84 billion) this year.

The price of subsidised gasoline in Indonesia is presently 7,650 rupiah ($0.51) per litre, which, according to the authorities, is around 40% less than the anticipated market price.

Less than one-third of market price, or 5,150 rupiah ($0.35) per litre, is what is charged for subsidised fuel.


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Disclaimer: The views and opinions expressed by the author, or any people mentioned in this article, are for informational purposes only, and they do not constitute financial, investment, legal, tax or other advice. Investing in or trading cryptocurrency or stocks comes with a risk of financial loss.

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