Indonesia targets comprehensive fuel subsidy scheme reform
Indonesian Energy Minister Bahlil Lahadalia has said the country is conducting a thorough exercise to reform its fuel subsidy scheme.
Indonesian Energy Minister Bahlil Lahadalia. Photo courtesy of marketscreener.com.
Speaking with the press on Monday, the minister revealed that the policy on the liquefied petroleum gas subsidy will not be changed while the government is carefully calculating details on fuel and electricity subsidies.
Bahlil said he aims to report the new subsidy scheme formulation to President Prabowo Subianto in about a week.
Indonesia currently subsidises certain types of fuel and electricity tariffs, a policy that has kept inflation low but has exposed state coffers to swings in global oil prices.
Earlier President Prabowo planned to cut energy subsidies and will instead give cash handouts to families in need. The plan is expected to save up $12.71 billion with well-targeted energy subsidies.
Indonesia's fuel subsidies amounted to $31.78 billion last year.
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