Pertamina losing 80b rupiah a day from subsidised fuel sales
Jakarta
INDONESIA'S Pertamina is losing 80 billion rupiah (S$8.2 million) a day from subsidised fuel sales, adding to losses from declining oil prices that have cut into first half profits in its upstream business, the state energy company said on Wednesday.
In January, South-east Asia's largest economy shifted the burden of fuel subsidies to Pertamina, forcing the company to accept losses to ensure retail fuel prices do not rise too fast for consumers in the country.
KEYWORDS IN THIS ARTICLE
BT is now on Telegram!
For daily updates on weekdays and specially selected content for the weekend. Subscribe to t.me/BizTimes
Energy & Commodities
Anglo rejects BHP takeover bid as significantly undervalued
India rice prices at three-month low on shrinking demand
Gold prices set for weekly decline ahead of US inflation data
Pricey coffee is here to stay as hoarding, heat hit Vietnam supply
Oil settles higher as weak US economic growth offset by supply concerns
India's Vedanta misses Q4 profit estimates on lower prices