Fuel stocks adequate, PERTAMINA assures Indonesians

By AsiaPulse, originally published by TradingCharts.com

August 4, 2004

State-owned oil company Pertamina has assured Indonesians that the local fuel supply will remain safe despite the soaring price of oil on global markets.

The company said it already has a commitment with oil fuel suppliers to meet the domestic requirement for August, Pertamina marketing director Rachmat Drajat said.

Rachmat said current stocks will last 23 days.

Meanwhile, Finance Minister Boediono said the state budget deficit remained under control at around 1.2 per cent of the country’s Gross Domestic Product (GDP) despite the oil price hike to an all time high of US$44 per barrel.

Boediono said the government has no plan to raise fuel prices on the domestic market although it has to pay a larger subsidy.

(Agencies: Antara & AsiaPulse via COMTEX)

AsiaPulse

Tags: Fossil Fuels, Industry, Oil

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