Indonesia govt asks parliament for $24 billion additional energy subsidies

JAKARTA : Indonesia's government has asked for parliamentary approval to top up energy subsidies by about $23.8 billion to be able to keep some energy prices unchanged amid a global surge in inflation, its finance minister said on Thursday.

The government also proposed ramping up compensation for state energy firm Pertamina and utility PLN by 275 trillion rupiah for some sales otherwise not covered by subsidies in 2022. That takes the total for 2022 to 293.5 trillion rupiah . Some compensation will be carried over to 2023. The changes assumed Indonesia crude oil price averages at $100 a barrel this year, compared with the original assumption of $63 a barrel.

That was smaller than the 4.85 per cent of GDP budget gap estimate approved by parliament last year, but bigger than the 4 per cent deficit projection Sri Mulyani made in February.

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