Govt to announce fuel price cut this afternoon

The government will hold a press conference on Thursday afternoon to announce new prices for subsidized fuel.

“It will be announced this afternoon. The Finance Minister and the Energy and Mineral Resources Minister are in a meeting with the president right now,” said Mohammad Hidayat, chairman of the Chamber of Commerce and Industry, at the state palace.

Hidayat said that fuel prices would be reduced by less than Rp 1,000, which was lower than the chamber had expected.

“We requested for a Rp 1,000 discount, but it wasn’t accepted. The prices will be reduced, but by less than Rp 1,000,” Hidayat said.

The Premium fuel currently retails at Rp 6,000 a liter while the diesel fuel retails at Rp 5,000 a liter. (and)