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Navigation Primary Navigation Home Singapore Asia Pacific World Business Entertainment Sports Technology Secondary Navigation Singapore Asia Pacific World Search Search: Minister says Indonesia to cut fuel prices in Dec AFP - Friday, November 7 JAKARTA (AFP) - - Indonesia will cut retail prices of premium gasoline by more than six percent from December 1 to ease inflation and spur economic growth, the finance minister said Thursday. "A catalyst for the price cut is the growing concern over global economic turmoil, which could affect the national economy," Sri Mulyani Indrawati told reporters. The government was responding to public demand for cheaper fuel, she said. The price will be cut by 500 rupiah (five US cents) a litre. Local petrol stations currently sell fuel for around 7,000 to 8,000 rupiah a litre. "The government will evaluate premium prices monthly in relation to movements in world oil prices so that fuel prices are at a level to suit our budget." Diesel and kerosene prices will not be altered, Mulyani said. Indonesia raised fuel prices in March by an average of around 30 percent to contain the spiralling cost of its multibillion-dollar subsidy scheme in the face of high global oil prices. The decision prompted rowdy protests on the streets of Indonesia's cities and dented the popularity of President Susilo Bambang Yudhoyono. Oil prices have more than halved since reaching record highs above 147 dollars a barrel in July. As of Thursday, the price of light sweet crude for December delivery dropped to 63.98 dollars a barrel in New York. Email Story IM Story Printable View Blog This Recommend this article Average (0 votes) Sign in to recommend this article » Most Recommended Stories » Related Articles: Business Airbus books 9 orders in OctoberAP - Friday, November 7 Norske Skog swings to 3Q net lossAP - Friday, November 7 Corus says to cut 400 jobs due to downturnReuters - Friday, November 7 SNAPSHOT - Financial Crisis - 1830 GMTReuters - Friday, November 7 Insurer Aegon reports 329 million loss in Q3AP - Friday, November 7 Enlarge Photo Minister says Indonesia to cut fuel prices in Dec Most Popular – Business Viewed Among Obama's next challenges: his own security Obama's grandmother, family 'rock', dies on election eve ECB, Bank of England slash interest rates Russian leader blasts US, vows to deploy missiles near EU Obama wins US election, to become first black president View Complete List » Search: Home Singapore Asia Pacific World Business Entertainment Sports Technology

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