Jakarta, June 16 (Antara) - The government will coordinate with various
agencies, including Bank Indonesia (BI) to control commodity prices in
the face of subsidized fuel oil price hikes, the fasting month of
Ramadhan and the post-fasting Idul Fitri festivities.
It will carry out close coordination because the span of June, July and
August is a period when commodity prices usually increase and boost
inflation. In addition, the government will raise the prices of
subsidized fuels and the automatic rise of electricity tariff rate.
However, the government calls on the people to remain calm as it will
do its best and assure price stability where up to now seven basic
commodity prices remain stable.
"We call on the people to remain calm. There is no need to hoard
fuels," Minister of Energy and Mineral Resources Jero Wacik said over
the weekend. He made the appeal ahead of the price increase of
subsidized premium gasoline and diesel oil.
The House of Representatives (DPR) in its plenary session on Monday is
expected to endorse the government proposed draft 2013 revised state
budget, which includes a plan to increase subsidized fuel prices.
If the House approves the proposal on Monday, the government is likely
to announce immediately the fuel price increase. The price of gasoline
is likely to be raised from Rp4,500 per liter to Rp6,500 per liter and
diesel fuel from Rp4,500 per liter to Rp5,500 per liter.
"We have targeted that the prices of subsidized fuel would have been
raised this month (June). It should not be too late because we are
facing the fasting month (in July)," Minister Jero Wacik said.
He said that actually the government had the full authority to raise
fuel oil prices. The government has to calculate the inflation
burden(estimated at 1.7 percent) that would affect low-income people.
Thus the government has to calculate compensation for them which had to
be approved by the House.
"The country's middle-income people which account for 45 million
families will unlikely be affected too much but a total of 15.5 poor
families would be affected a lot. They need compensation," the minister
said.
Therefore, according to Chief Economic Minister Hatta Rajasa, the
government will do its best and coordinate with relevant agencies to
maintain price stability.
"The government and the Indonesian Chamber of Commerce (Kadin) will
continue to coordinate and consult with each other to maintain goods
supply and price stability. We will use inputs from Kadin in taking a
policy," the coordinating minister for economic affairs said.
He said that the government would ensure the stability of main
commodity distribution in the run-up to the fasting month and the Idul
Fitri (Lebaran) festivities. The Ministry of Transportation has also
assured that there would be no disturbance in goods distribution in the
face of the fasting month, he said.
Hatta said that the State Logistics Board (Bulog) would also conduct
market interventions to anticipate speculative buying of food
commodities.
Moreover, data showed by the Kadin on seven strategic food commodities
indicated that their prices and distribution remained stable.
"The Kadin's data show the distribution and prices of the seven
commodities remain stable. Even there is a decline," Hatta said.
He said commodities whose prices were stable or even going down
included cooking oil, beef, chickens, horticultural products, sugar,
wheat, fish, shrimps and rice.
"We conclude that the prices and distribution of strategic commodities
remain stable though there are certain commodities whose prices rise
such as chili and 'jengkol' (dogfruit)," the chief economic minister
said.
In the meantime, the government is also coordinating with BI (the
central bank) in an effort to control prices which could boost inflation
rate.
BI Governor Agus Martowardojo said the central bank would continue to
coordinate with the government, particularly the fiscal authority in
controlling inflation which was expected to increase in light of fuel
oil price increase and the arrival of the fasting month.
"We look to the inflation ahead. Predicted increase in inflation could
now be seen. So, we have to coordinate with the other authority,
particularly fiscal authority," Agus said on Friday.
After all, he said, the country's economy is facing internal and
external challenges. Indonesia has to keep watch of inflation
development.
He said that June, July and August were periods when the inflation
rates often increased. High inflation rates in those months will be
worsened by fuel oil price hikes, if the government realized its plan to
raise it.
Therefore, the central bank, he said, was taking preemptive steps in
anticipation of inflation increase. The steps would be taken with mixed
polices already taken before such as increasing BI benchmark interest
rate (BI Rate) and Bank Indonesia's Deposit Facility Interest (Fasbi)
rate respectively by 25 basis points.
"So, we are responding to inflation prediction. We also have the
special job to maintain the stability of the monetary system because the
global economic situation is uncertain," Agus said.
According to Anton Gunawan, economist of Bank Danamon, the central bank
policy raising its BI Rate by 25 basis points was an anticipation of
the inflation projection which was expected to increase due to fuel oil
price increase
"The BI takes the step an anticipatory measure
against the government's plan to raise fuel oil prices," Anton said on
Thursday.
He said that it was a preemptive decision because it was almost certain
the government would raise fuel oil prices based the draft revised
state budget which would be discussed by the plenary session of DPR on
Monday.
"The central bank's step to increase its Fasbi and BI Rate is a
preemptive measure rather than responsive one in dealing with the
inflation projection," Anton said.
He express confidence that the government would soon increase fuel oil
prices because otherwise, it would create negative sentiment among
market players and lower Indonesia's debt rating.
Anto predicted that the central bank would again raise its BI Rate by
about 50 to 75 basis points if the government realized the fuel price
hikes. Thus inflation rate at the end of the year is expected to reach
8.7 percent.
"But if the rate of core inflation remains under control, BI is
expected to increase its benchmark rate by 50 basis points. Low
inflation will depend on the government's efforts to control goods
distribution to the market," he said.***3***
(TA014/b003/B003)
(T.SYS/A/A. Abdussalam/Bustanuddin) 16-06-2013 10:5 |
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