08252016Thu
Last update: Thu, 25 Aug 2016 06pm

Asia

Markets - Energy - Asia

Indonesia to scrap gasoline subsidy from Jan 1 and float prices JAKARTA: Indonesia will ditch gasoline subsidies and link the retail prices to international oil markets from Jan. 1, the chief economics minister said on Wednesday, in one of the biggest reforms to the country's energy subsidies in decades.From midnight tonight, the government will stop subsidising gasoline prices altogether and set the price of gasoline according to global oil markets. "Prices will be evaluated every month," said coordinating Economic Minister Sofyan Djalil, adding that since world oil prices fell, the government felt there was no need for gasoline subsidies.Oil prices have fallen by over 50 percent this year to their lowest levels in over five years as supplies rise while demand is cooling.For diesel, the government will still provide a fixed subsidy of 1,000 rupiah per litre, but the price will also rise and fall in line with market prices on a monthly basis, the government said."While diesel will remain subsidized, ...

Markets - Energy - Asia

Oil prices down in thin pre-holiday trade SINGAPORE: Crude edged lower in thin pre-holiday trade Wednesday ahead of the release of a key US supply report, as analysts predicted a rebound in prices in the new year after shedding nearly 50 percent since June. US benchmark West Texas Intermediate for February delivery fell 38 cents to $53.74 while Brent crude for February eased 49 cents to $57.41 in mid-morning trade. Trading volumes were thin with many dealers away ahead of the New ...