Fuel prices for June might not change

Fuel prices for June might not change

JAKARTA: The government said on Monday that fuel prices for June might be similar to those in May despite the recent appreciation of the rupiah.

Director general for oil and gas Rachmat Sudibyo said June fuel prices were determined based upon the observation of several factors, including crude oil prices and the rupiah's value against the American dollar between April 15 and May 15, which were all relatively constant.

"It (June fuel prices) is probably the same as this month's prices. Crude oil prices were stable, while the rupiah strengthened as of May 15," he told a press conference.

The rupiah has been increasing since last month on the revival of investors' confidence in the country's economic programs. The unit closed at Rp 8,880 Monday compared to Friday's closing of Rp 8,950.

In May, the price of premium gasoline stood at Rp 1,750 (19.4 U.S. cents) per liter, automotive diesel oil at Rp 1,400, industrial diesel oil Rp 1,390, kerosene for industry Rp 1,410 and fuel oil Rp 1,120.

Starting in March this year, the government sets fuel prices every month based on the Mid Oil Platts Singapore price index. -JP