Tuesday March 01, 2005

Malaysia, Indonesia governments cut fuel subsidies

Straits Times (archived) :

Malaysia yesterday moved to ease the burden of fuel subsidies on state finances, announcing a 6 per cent jump in the regulated price of diesel. The subsidies, which ensure Malaysians enjoy some of the lowest fuel prices in the region, are burning a hole in the government's pocket, costing taxpayers over US$1 billion (S$1.63 billion) last year.

Caught between high oil prices and a pledge to slash the budget deficit, the government had little choice but to take the politically unpopular decision to cut subsidies.

Today (archived) :

Hundreds of students have held street rallies across Indonesia to protest swingeing government increases on fuel prices by an average of nearly 30 percent. Protests took place in at least six Indonesian cities and towns, radio and television reports showed, as anger mounted over the government's decision to raise fuel costs.

In an announcement televised nationwide late Monday, senior economy minister Abu Rizal Bakrie said the increase would ensure a better future for all. Bakrie said the government was forced to act after spending some 61 trillion rupiah (6.4 billion dollars) on subsidies last year as world oil prices soared.

See also :

1. Diesel price increase to reduce burden and curb abuse (thestar.com.my)
2. Protests break out in Indonesia over fuel hikes (Reuters)

(2005-03-01 17:32:35 SGT) [Energy] Permalink

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