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Indonesia shocks with fuel price moves

Under a new pricing system due to come into effect in January 2006, a committee of seven ministers led by the chief economic minister, currently former tycoon Aburizal Bakrie, will decide how much to adjust fuel prices every quarter.

The target, government advisers said, is to bring petrol prices in line with market levels by January 2007, with diesel to follow by July 2007 and kerosene, the most subsidised fuel, to be brought to market prices by January 2008. All would float freely once they reach market levels.

I didn't even know there was such a plan, allthough it makes sense as Shell and BP are already exploring the country to set up their gas stations by then. I can't find the documentation about that anymore though.

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