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Home >> Business
UPDATED: 16:16, September 30, 2005
Indonesia to raise oil price
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The Indonesian government will increase oil price between 40 to 80 percent gradually, starting from October 1, Vice President Jusuf Kalla said Friday.

The government's plan has raised massive protest from people across the country since Wednesday.

"Now it increases once, then we arrange the next process," Kalla, who was quoted by the Tempo interactive as saying at his office.

But,the vice president did not give further detail.

To reduce the impact of the hike, the Indonesian government has channeled 4.750 trillion rupiah (some 0.475 billion US dollars) compensation funds to 15.5 million poor families nationwide.

The government supported by the House will increase the oil price on October 1 in a bid to make adjustment on spiraling global oil price, which has weakened the country's currency value to four year law against a US dollar this month.

Source: Xinhua


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