Pertamina To End Loss-Making LPG Sales By 2016

 

State-owned energy firm Pertamina plans to raise the non-subsidized liquefied petroleum gas (LPG) price gradually by 2016, ending years of loss-making business due to political interference in pricing, a company official said.

Gigih Wahyu Hari Irianto, Pertamina's vice president for domestic gas, said the company expects the government to address the LPG price issue by the end of this year.

Early this year, Pertamina backed down from its plan to stop the losses by raising the price of non-subsidized LPG by 68 percent, after intervention by the government.Pertamina instead reduced the price hike to just 17 percent.

Note: Reuters has not verified this story and does not vouch for its accuracy.

(Compiled by Jakarta Newsroom)