Jakarta, March 12 (Antara) - The government's decision to postpone
state-owned oil and gas firm Pertamina's plan to increase gas price in
12-kg cylinders this month can help offset inflation that has been high
since early this year.
"The postponement of raising the price of liquefied petroleum gas (LPG)
in 12-kg cylinders is good. We believe it would curb the inflation rate
in March and April," Bambang Brodjonegoro, acting head of the Finance
Ministry's fiscal policy affairs, said.
University of Indonesia's economist Lana Soelistianingsih shared
Bambang's view, saying that the government decision to postpone the LPG
price increase would cut inflation potential by 0.5 percent.
"If the government goes on with Pertamina's planned gas price hike, it
would contribute multiple inflationary pressures to the economy because
prices of food commodities such as onions, garlic, chili and other
horticultural products have been skyrocketing. The deferment of the gas
price hike will reduce the increasing inflation in the past two months,"
Lana Soelistianingsih.
Bambang is confident that the postponement of gas price increase will
help stabilize essential commodity prices because it would be followed
by a harvest time. It would help lower the inflation rate in March and
April.
"With the gas price hike postponement, the inflation rate in the March
and April period would be lowered," Bambang added.
Head of the Central Bureau of Statistics (BPS) Suryamin said the
year-on-year (yoy) inflation rate had now reached 5.31 percent, over the
assumption set in the 2013 state budget at 4.9 percent.
BPS recorded that the inflation rate in February stood 0.75 percent,
which was the highest level in the same month over the past ten
years. The January inflation was 1.03 percent so that the inflation
rate on the calendar basis was 1.79 percent.
According to Lana Soelistianingsih, the government has intentionally
postponed increase in 12-kg cylinder gas prices so that it would not
happen in the same year as the increase of the gas price in 50-kg
cylinders.
"The
increase in the price of gas in 50-kg cylinders has significant effect
because its consumers are small and medium scale food industry such as
bread industry. Its products are included in the consumer price index
(IHK)," she said.
Therefore, she said, inflationary pressures have begun since early this year.
"In the first two month, the inflation rate has reached 3.6 percent of
the 4.9 percent as set the stage budget in 2013," she added.
However, she predicted that the inflation rate at the end of 2013 would
be between 5 to 5.5 percent, but with the condition that the government
did not raise fuel oil prices.
Earlier, Director of Price Statistics of the BPS Sasmito Hadi Wibowo
said LPG in 12-kg canisters was one of the main basic needs of the
people. If its price is raised, it would have a big impact on the
inflation rate in the country.
Therefore,
the government has decided to reject and postpone state-owned oil and
gas company Pertamina's proposal to raise the price of LPG in 12-kg
cylinders this month.
Pertamina has proposed a 36.2 percent rise in the price of LPG in 12-kg
cylinders effective in March 2013 to the government. If approved, the
price of LPG in 12-kg cylinders will increase by Rp2,116.7 to Rp7,966.7
from Rp5,850 a kg previously.
As such, the price of LPG in 12-kg cylinder from agents to consumers
will increase by Rp25,400 to Rp95,600 from Rp70,200 earlier. The price
hike is expected to reduce the company's losses from the sale of LPG in
12-kg cylinders by Rp1.1 trillion to Rp3.9 trillion.
Pertamina last raised the price of LPG in 12-kg cylinders by Rp100 to Rp5,850 from Rp5,750 a kg in October 2009.
Chief Economic Minister Hatta Rajasa said the government had considered
the purchasing power of the people in deciding to postpone the increase
in the 12-kg LPG cylinder. This is because the government will also
raise the electricity tariff price in 2014.
He said now is not the right time to raise the price of LPG in 12-kg cylinders.
According
to the coordinating minister for economic affairs, Pertamina has the
authority to raise the price of non-subsidized LPG in 12-kg cylinders.
However, the government must give its views to the plan, he said.
Meanwhile, State-owned Enterprises Minister Dahlan Iskan said he
accepted the government decision to reject the proposal by Pertamina to
raise the price of gas in 12-kg gas cylinders.
"The present economic condition requires Pertamina to propose a price
hike but it is up to the government to decide. What is important is that
Pertamina has submitted a price hike proposal," the minister said on
Monday.
Dahlan said that Pertamina had proposed to increase the price of
non-subsidized liquefied petroleum gas (LPG) in 12-kg cylinders in an
effort to reduce business losses. The business loss in the LPG sales is
predicted to reach Rp5 trillion in 2013.
"There
is no problem if the proposal is not accepted. The important thing is
that we have proposed it. So, the State Audit Board (BPK) will not blame
us if the company suffers a loss," Minister Dahlan said.
Public policy observer Agus Pambagio said meanwhile that Energy and
Mineral Resources Minister Jero Wacik should be consistent in
implementing his ministry's Regulation No. 26/2009. Based on the
regulation, the LPG price shall be decided by the corporation by
considering the people's purchasing power and the continuation of its
distribution.
"With the regulation, it is just right for Pertamina to increase gas prices in 12-kg canisters," Agus Pambagio said.
His opinion was supported by legislator Achmad Rilyadi of the House
Commission VII on energy affairs that Pertamina must observe the law
which suggests that a state-owned firm should not suffer from losses.
"The government should develop Pertamina by helping cut its losses in
the downstream business, while encouraging its role in the upstream
area," he said.
Agus
added that the government should not interfere in Pertamina's plan in
raising gas prices. "The government must approve Pertamina's plan to
increase non-subsidized gas price in 12-kg canisters," he stressed.
He said that if the government allowed Pertamina to suffer a loss of
Rp5 trillion in 2013, the State Audit Board (BPK) would question it. "If
the government is willing to bear responsibility, it is okay. The
Pertamina management should not be disturbed," Agus Pambagio added.
Finance Minister Agus Martowardojo said on Monday his ministry is still
studying the impact of the decision to postpone raising the gas price.
"The plan is still being discussed by the government," Agus said.
The
minister gave no details about the effect of the delay but the
decision would certainly result in an increase in losses to be suffered
by Pertamina, which sells LPG below its production cost.***3***
(T.A014/f001 )
(T.A014/A/A. Abdussalam/F. Assegaf) 12-03-2013 14:0 |
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