Indonesia to provide compensation for oil prices hike

15/05/2008 -- 12:35 PM

Jakarta (VNA) - Indonesia is to provide compensation mounting to 1.62 billion USD (14.7 trillion rupiah) to low-income families to offset the government decision to raise oil prices by 30 percent. Speaking at a press conference after a cabinet meeting on May 14, Minister for Poverty Alleviation and Prosperity Abu Rizal Bakrie said each family will receive 100,000 rupiah (roughly 11 USD dollars) a month from June to December this year. “We will distribute the 100,000 rupiah to each family soon after the oil price hikes,” the minister was cited as saying, adding the preparations for the distribution of the fund would be finalised on May 23. Earlier, the Indonesian government said it would raise the oil prices by up to 30 percent at the end of May to secure the state budget from mounting subsidies due to skyrocketing global oil prices. Indonesian Development Planning Minister Paskah Suzetta said that the government would continue to distribute the fund until the end of 2009 following approval from the parliament.- Enditem
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