Indonesia braces for rising oil prices

  • As oil prices continue to rise, the government is set to push for more subsidies for those in need in an attempt to stabilize the economy.
  • Finance Minister Sri Mulyani Indrawati said that the rising price of oil would put pressure on the economy as a hike in fuel prices would likely lead to a hike in prices of other goods.
  • Tax revenue from oil exports will be redistributed to the poor who will be affected the most by the rising prices,” Minister Indrawati said during a press conference.
  • The number of beneficiaries of the Family Hope Program (PKH) had increased to 10 million families compared to 6 million in 2017. The number would be further increased to 15 million in 2019.
  • The price of oil has continued to increase. As of 1 May 18, the price at the West Texas Intermediate (WTI) had increased by 11.5% to USD67.37 per barrel. Meanwhile, the Brent price increased by 10.13% to USD73.65 per barrel.

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