JAKARTA, 22 May 2008 - The Minister of Finance in Indonesia, Sri Mulyani Indrawati, has informed that the prices of fuel are about to rise with some 28.7 percent. The new prices are most likely to be announced tomorrow afternoon after the handouts of the direct cash aid to poor families. The prices will most likely be as following: regular petrol (premium) Rp. 6.000, up from Rp. 4.500, diesel (solar) Rp. 5.500, up from Rp. 4.300 and cooking oil will become Rp. 2.500, up from Rp. 2.000.

According to Sri Mulyani, president Susilo Bambang Yudhoyono will organize a meeting with the ministers of Social Affairs, People's Prosperity and the head of Bappenas to evaluate the handout of the cards for the cash compensation so they can prepare that money. It is expected that during this meeting the exact date of the price hikes will be decided as well.

Sri Mulyani explained that the rise in fuel prices is needed so the subsidies on the fuels don't increase any longer, because they are already as high as 190 trillion Rupiah or 13 billion euro. The price for crude oil is on a record run and already touched 135 US dollar per barrel in Asian trade this morning and yesterday evening in US trade.

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