INDONESIA CLOSER TO DOMESTIC FUEL PRICE INCREASES

JAKARTA - Indonesia’s legislature yesterday approved revisions to the 2013 budget that would clear the way for President Yudhoyono’s government to raise fuel prices and cut the subsidy bill. A fuel price increase – the first since 2008 – has been on the table since last year when it was unexpectedly delayed due to political resistance. The price hike could take effect in the coming days, resulting in a 44% increase in low-octane gasoline and 22% increase in diesel.