Skip to main content

Posts

Showing posts with the label Pertamina halts fuel subsidy programme led to panic buying

Pertamina halts fuel subsidy programme led to panic buying

Indonesia's policy about Pertamina halts fuel subsidy programme expected not to influence its travel market due to travel destination, as always, depends on transportation. Yet no fatal impact so far! Panic buying and long queues at petrol stations: Indonesia's state-owned Pertamina on Wednesday halted a week-old programme aimed at curtailing the use of subsidized fuel, after its implementation led to panic buying and long queues at petrol stations in Southeast Asia's largest economy. The former OPEC member is struggling to contain ballooning fuel subsidy costs, which have widened the current account deficit and left little room in the budget for president-elect Joko Widodo's much needed reforms. Widodo, who has made the energy subsidy problem his top priority, is meeting with outgoing president Susilo Bambang Yudhoyono later on Wednesday in the hope of reaching a deal to reduce fuel subsidies before the handover in October. Pertamina, the country's