Tuesday October 25, 2005

Fuel hikes could cost 60000 Indonesian jobs

chinapost.com.tw :

The Indonesian government's dramatic fuel price raises may force about 200 textile companies into bankruptcy and lead to 60,000 job losses this year. The government, reacting to soaring global oil prices, announced that the cost of gasoline would rise 87 percent to US$0.44 per liter (0.26 gallon), while diesel fuel would more than double and kerosene triple.

The size of the rises, much larger that expected, caught many by surprise, but economists have said that the bold move could help the government - which spent US$7.4 billion last year on fuel subsidies - balance its ballooning budget. The government hopes it will help stave off an economic crisis.

"The closures could cause massive layoffs," Benny Sutrisno, chairman of the Indonesian Textile Association, told Dow Jones Newswires. Indonesia's 2,760 garment and textile producers account for the bulk of the country's non-oil exports. Textile exports contributed around 13 percent of Indonesian gross domestic product in 2004.

See also :

1. Southeast Asia faces diverse energy challenges : Morgan Stanley
2. Panic petrol buying in Indonesia ahead of price hike
3. Indonesia Becomes A Net Crude Oil Importer

(2005-10-25 14:37:09 SGT) [Energy] Permalink

Most popular blog postings on lowem.log :

1. Singapore MRT rail network length to double by 2020
2. 2010 Nissan Leaf electric car specifications : 107hp, 24KWh lithium-ion batteries, 100-mile range
3. Live spot gold price quotes chart on COMEX
4. 2010 Toyota Prius specifications released : 50 mpg, 1.8L, 134hp, Ni-MH, solar roof option
5. AVG Anti-Virus Free Edition 2011 direct download link
6. Real-time live gold and silver price quotes chart on COMEX
7. Singapore electric vehicles : Government agencies EMA and LTA to study EV introduction
8. Book review : Shut Down by William Flynn

Featured articles on lowem.log :

1. Book review : Shut Down by William Flynn
2. Singapore electric cars testing starts with 9 electric vehicles
3. Honda, GS Yuasa JV to make lithium-ion batteries for 2010/2011 Honda Civic Hybrid
4. 2010 Honda Civic Hybrid preliminary specifications released
5. 2010 Honda CR-Z hybrid, 2010 Honda Fit/Jazz hybrid models confirmed
6. 2010 Toyota Prius specifications released : 50 mpg, 1.8L, 134hp, Ni-MH, solar roof option
7. NYMEX crude oil recovers from $32.40 low after 2.2 mbpd OPEC production cut announced
8. Singapore : Nuclear power not ruled out